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The Fair Labor Standards Act, enacted in 1938, requires that firms pay "double time", which is 200% of the regular wage rate, for overtime work. This question asks you to consider some of the incentive effects of overtime pay.
a) When overtime pay was first required, some firms tried to avoid the extra labor cost by reducing workers' base wage. Consider a worker who is working 10 hours a day and making $10/hour before the law went into effect. Assume that his employer cuts his base hourly wage so that at 10 hours of work per day, total compensation does not change after the law goes into effect, i.e., it is still $100. What is the new base hourly wage in this scenario? (Feel free to express the new wage as a fraction, but be sure to show your work.)
b) When faced with the budget constraint you derived in part (a), will a worker who previously worked for 10 hours per day for $10 per hour (with no overtime pay) now want to work more or fewer than 10 hours per day (with overtime pay, but with the new base hourly wage you derived in part (a))? Organize your discussion around income and substitution effects.
q1. pick one important business decision and discuss why knowledge of the state of the economy using macroeconomic
Assume that a 1- year discount bond (bond A) with a face value of $1,000 is currently trading at PV = $938.97, and another 2-year discount bond (bond B) with identical risk features and face value is currently trading at $834.01. Please calculate the..
q.the money demand as well as curve is given by the following equation md 5000 - 10000r 5y md is money demand as well
What recommendations, i.e. future strategic direction, would you make for the economy (country) to sustain economic growth? Word limit 1000 words. Learning Outcome: 4 & 5
The strategy of tit-for-tat is
Which of the following is a rate that should theoretically serve as a floor for the Fed funds rate? A dealer is said to be running a "matched book" if. An increase in the supply of reserves in the banking system leads to an increase in the Fed funds ..
Most tax payments increase as GDP increases. Government spending influences spending indirectly. A deficit nation in a fixed exchange rate system can improve its balance of ayments by increasing _____. Why do economists insist on emphasizing the diff..
The market demand curve for this product is estimated to be: Q = 6009 – 25P where Q is the number of plate covers per year and P is in dollars. Cost estimation processes have determined that the firm’s cost function is represented by TC = 120 + ..
Conduct a goodness-of-fit test analysis to determine if the proportions of individuals willing to pay more for environmenlal.ly friendly products in the various age groups are equal.
q.to purchase a house that cost 250000 adriana lopez made a 25000 down payment. she financed the remaining 225000 using
A protective Tariff is often used by governments to attempt to control trade between nations to protect and encourage their undeveloped local industries, businesses. Using the Mundell-Fleming model, which of the following prediction is accurate under..
Assume that there are two types of consumers. In particular, consumers of type 1 has utility function u(x, y) = x0.5 y0.5, whereas consumer of type 2 has u(x, y) = x0.3 y0.7. Find the Marshallian demands of x for both types of consumers. Compute the ..
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