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Tom earns $15 per hour for up to 40 hours of work each week. He is paid $30 per hour for every hour in excess of 40. Tom faces a 20 percent tax rate and pays $4 per hour in child care expenses for each hour he works. Tom receives $80 in child support payments each week. There are 110 (non-sleeping) hours in the week.
(b) (4 pts) For all hours Tom works up to his first 40, what is his after-tax, after-child care wage? If he works 40 hours, what is his consumption level and hours of leisure?
(c) (4 pts) For all hours Tom works over 40, what is his after-tax and after-child care wage? If he works for 110 hours and has no leisure at all, what is his consumption level?
Assume that the level of GDP increased by $100 billion in a private closed economy where the marginal propensity to consume is 0.5. Aggregate expenditures must have increased by.
Discuss utility and some of the properties about people's preferences. one is that "more is better ".do you agree that is always the case and if not, do you have an example?
Identify an economic issue that both parties address and compare and contrast their views on that issue. Generally speaking, how much of the disagreement is based on normative economics compared to positive economics?
If total mortality among children remains constant whereas the incidence of that mortality shifted from late childhood to untimely rates of fertility declined.
A 10% increase in the price of pizza causes a 10% drop in the quantity of both pizza and beer sold. Describe elasticities and the nature of the two products
Brian is the 99% shareholder, president, and director of Arapine Corp. He frequently uses the corporation credit card for his personal expenses. If Arapine is insolvent and unable to pay its debts, and the corporation’s creditors sue Brian personally..
Question 1 Why would perfectly competitive industries advertise even though individual firms do not? Question 2 We could state correctly that the minimum characteristic necessary to distinguish among pricemaking firms is:
Consider the following market game: An incumbent firm, called firm 3, is already in an industry. Two potential entrants, called firms 1 and 2, can each enter the industry by paying the entry cost of 10. First, firm 1 decides whether to enter or not.
Assume a specific factors economy produces two goods, cloth and food, and that when representing the output of this economy graphically, cloth is on the x-axis and food is on the y-axis. Movement of labor from a Foreign country to the domestic (Home)..
Originally when he could work as many hours as he wanted at a wage w, Roy chose to work seven hours a day. The employer now offers him w for the first 8 hours in a day and an over-time wage of 1.5w for every hour he works beyond a minimum of 8 hours...
Demand for airline tickets fluctuates throughout the year, which affects the price of an airline ticket. Suggest the type of game that may be most appropriate for a specific airline to play to address the differences in demand and elasticity and the ..
A U.S.-owned automobile factory uses $50 million worth of materials produced in the U.S. and $10 million worth of material purchased from foreign countries to produce $100 million of automobiles. $70 million worth of these automobiles are purchased b..
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