Where does the worker choose to work

Assignment Help Business Management
Reference no: EM131268459

Consider a competitive economy that has four different jobs that vary by their wage and risk level. The table below describes each of the four jobs.

Job

Risk (r)

Wage (w)

A

1/5

$3

B

1/4

$12

C

1/3

$23

D

1/2

$25

All workers are equally productive, but workers vary in their preferences. Consider a worker who values his wage and the risk level according to the following utility function:

Where does the worker choose to work? Suppose the government regulated the workplace and required all jobs to have a risk factor of 1/5 (that is, all jobs become A jobs). What wage would the worker now need to earn in the A job to be equally happy following the regulation?

Reference no: EM131268459

Questions Cloud

Difference in vertical integration-related diversification : What is the relationship among corporate, business and functional level strategies and how do they create value to the organization? What is the difference between vertical integration and related diversification?
Total amount of the good produced : Suppose there are n identical firms in a market.  Each firm's cost function is given by C = 648 + 8q2, where q is the amount that an individual firm produces.  This means that an individual firm's marginal cost is given by MC = 16q.  Also, the mar..
Write an equation that will give the number n : Write an equation that will give the number N of leukemic cells at the end of t days. - When, to the nearest day, will the mouse die?
Discuss market segmentaion techniques and strategies : Discuss the importance of the SWOT technique to marketing. Explain and discuss market segmentaion techniques and strategies. Explain and compare strategic and operational marketing decisions.
Where does the worker choose to work : Where does the worker choose to work? Suppose the government regulated the workplace and required all jobs to have a risk factor of 1/5 (that is, all jobs become A jobs). What wage would the worker now need to earn in the A job to be equally happy..
How many years will it take a population to double : The population of some countries has a relative growth rate of 3% (or more) per year.- At this rate, how many years (to the nearest tenth of a year) will it take a population to double?
Report recommending an off-shore country : Write a 1,050-word report recommending an off-shore country and support your choice with the following data:
Write short essay describing marketing goals : Write a short essay describing marketing goals. Write an original essay of relationship marketing
Acquisition planning teams worked together : Two IT acquisition planning teams worked together to study the same problem and develop alternative solutions for solving it. The teams then separated and each developed a work breakdown structure for the same alternative solution. The teams then com..

Reviews

Write a Review

Business Management Questions & Answers

  Problematic for decision making in teams

What is the common information effect and why is it problematic for decision making in teams?

  Integrative model of corporate social responsibility

Can non-profit organizations be categorized under the integrative model of corporate social responsibility? Elaborate.

  Operational definition of the happiness factor

What is your operational definition of the ‘happiness factor'? How can a leader measure employees' happiness? What are some leadership tools that may foster happiness in the workplace?

  Prepare a streamlined version of the key elements

To feel confident that all of the employees in your strategic planning team understand all that you have taught them, you require each to prepare a streamlined version of the key elements of a strategic plan

  Which economic system is the finest solution to handling

No one can forecast a natural disaster or world crisis. When a hurricane or flood or a pandemic attacks a country who is most likely to respond first?

  Uranium separation and plutonium production

The massive work of uranium separation and plutonium production took place concurrently with basic scientific research and technical weapons design.  The first employed thousands of workers, most of them laborers with no scientific background what..

  Expanding international operations

Identify at least one potential disadvantage to initiating, continuing, and/or expanding international operations. Identify one action that you would recommend in order to overcome this disadvantage.

  Describe the ethical responsibilities of tony cupertino

Identify the stakeholders in this case. Identify their interests and United obligations to satisfy those interests from an ethical perspective Describe the ethical responsibilities of Tony Cupertino as a CPA and CIA. How do these responsibilities eff..

  Write a research-based report to an organization

Write a research-based report to an organization making a recommendation to implement a particular product, service, or program.

  Democratic leadershipwhich of the following statements

democratic leadershipwhich of the following statements about democratic leadership is false?a. it can lead to slower

  Identify the products and the market segment

For this discussion question, select a company that markets their products to similar, yet different, market segments.  Be sure to identify the products and the market segment.

  Determining the organisation or government body

Undertake some research and examine a decision that has been made by an organisation or government body. Identify and review the information that contributed to the decision made and make comment on how that information contributed to the decision..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd