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Suppose labor supply function:
NS = 85 + 10w - T
where w = real wage and T = lump sum transfer to individuals in theeconomy.
a) Graph relationship between labor supply and real wage for agiven level of T. (This is the function for a straight line, so itwould be a straight line representing NS?)
b) Consider an increase in the lump sum transfer T. Use theconcepts of income and substitution effects to explain why anincrease in the lump sum transfer will reduce the amount of labor supplied.
At its current short-run level of production, a firm's average variable costs equal $30, and its average fixed costs equal $70. Its total costs at its current production level equal $34,000. a. What is the firm's current output level
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