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Sports economics
4. Consider a wage increase (as offered to an individual). What does the income...
This is Labor Economics Homework DO ONLY (iii) and (iv). I HAVE DONE (i) and (ii)...
This is Labor Economics Homework
DO ONLY (iii) and (iv). I HAVE DONE (i) and
(ii)
Janet's utility depends on consumption c and leisure
l. She earns a wage equal to w per hour, has an
investment income equal to M
0 and needs to sleep at least 8 hours a night. Normalize the price
of consumption goods at $1.
(i) Draw her indifference curves between hours of leisure and
consumption, her budget line and her equilibrium choice of
c...
1. Janet's utility depends on consumption c and leisure l. She earns a wage equal to...
1. Janet's utility depends on consumption c and leisure l. She earns a wage equal to w per hour, has an investment income equal to M(greater than or equal to) 0 and needs to sleep at least 8 hours a night. Normalize the price of consumption goods at $1. (i) Draw her indifference curves between hours of leisure and consumption, her budget line and her equilibrium choice of c and l. What is the slope of the budget line and...
Labor Economics, multiple choice questions 1. In the leisure-income model, the wage constraint shows a. the...
Labor Economics, multiple choice questions
1. In the leisure-income model, the wage constraint shows a. the points that maximize a worker's utility b. all points that are equally preferred c. the wage rates that affect work decisions d. the available combinations of leisure and income 2. The slope of a wage constraint reflects the: a. rate at which a person is willing to substitute leisure for income c. income effect b. price of leisure d. substitution effect 3. When a...
If the wage elasticity of labor supply is negative, what can we say about the slope...
If the wage elasticity of labor supply is negative, what can we say about the slope of the labor supply curve and the relative sizes of the income and substitution effects? Is leisure a normal or inferior good in this case? Will a fall in the tax rate on earnings increase or decrease tax revenues?
Labor Economics 1. In the leisure-income model, the wage constraint shows a. the points that maximize...
Labor Economics
1. In the leisure-income model, the wage constraint shows a. the points that maximize a worker's utility b. all points that are equally preferred c. the wage rates that affect work decisions d. the available combinations of leisure and income 2. The slope of a wage constraint reflects the: a. rate at which a person is willing to substitute leisure for income c. income effect b. price of leisure d. substitution effect 3. When a worker maximizes her...
If the wage elasticity of labor supply is negative, what can we say about the slope of the labor supply curve and the re...
If the wage elasticity of labor supply is negative, what can we say about the slope of the labor supply curve and the relative sizes of the income and substitution effects? Is leisure a normal or inferior good in this case? Will a fall in the tax rate on earnings increase or decrease tax revenues?
4. Consider the consumption-leisure choice model we discussed in class. Suppose individual utility is represented by...
4. Consider the consumption-leisure choice model we discussed in class. Suppose individual utility is represented by the function U(c, L) = min {c, 10L}, where c is consumption and L is leisure. Individuals have a total h = 16 hours that could be divided into work and leisure. Market wage rate is w = 10. (a) Sketch the individual’s indifference curve. (b) Find the optimal consumption and leisure choice. (c) Now suppose wage increases to w = 12. Find the...
Labor Economics 9. Phil's wage increases and Phil responds by working more hours. Which of the...
Labor Economics
9. Phil's wage increases and Phil responds by working more hours. Which of the following could explain this? a. Phil's substitution effect is larger than his income effect b. Phil views leisure as an inferior good. c. Phil's income effect is larger than his substitution effect d. Both b and c f. Phil died, but was brought back to life with an alien serum in a plot twist no one saw because they gave up after episode 5....
7. Jay's Utility function is given by U(x,z) = 3x10.2 x20.8 and P1=$2 and P2=$4 and...
7. Jay's Utility function is given by U(x,z) = 3x10.2 x20.8 and P1=$2 and P2=$4 and his budget is $200. Write out the Lagrange but DO NOT solve it Find the utility maximizing values of x1and x2 8. What does the substitution effect cause a consumer to do if the price of a good increases? 9. What does the income effect cause a consumer to do if the price of a good increases? What else is needed here? 10. What...
6. On a standard income-leisure diagram, Tony has flatter indifference curves than Bruce, but both are...
6. On a standard income-leisure diagram, Tony has flatter indifference curves than Bruce, but both are negatively sloped. It is probably true that: a. Both like leisure and income, but Bruce values leisure relatively more than Tony does. b. Bruce likes leisure but dislikes income while Tony likes both c. Bruce likes income but dislikes leisure while Tony likes both d. Tony values leisure more highly compared to income than Bruce does 7. As an individual’s wage rate gets higher,...
This is Labor Economics Homework
DO ONLY (iii) and (iv). I HAVE DONE (i) and
(ii)
Janet's utility depends on consumption c and leisure
l. She earns a wage equal to w per hour, has an
investment income equal to M
0 and needs to sleep at least 8 hours a night. Normalize the price
of consumption goods at $1.
(i) Draw her indifference curves between hours of leisure and
consumption, her budget line and her equilibrium choice of
c...
Labor Economics, multiple choice questions
1. In the leisure-income model, the wage constraint shows a. the points that maximize a worker's utility b. all points that are equally preferred c. the wage rates that affect work decisions d. the available combinations of leisure and income 2. The slope of a wage constraint reflects the: a. rate at which a person is willing to substitute leisure for income c. income effect b. price of leisure d. substitution effect 3. When a...
Labor Economics
1. In the leisure-income model, the wage constraint shows a. the points that maximize a worker's utility b. all points that are equally preferred c. the wage rates that affect work decisions d. the available combinations of leisure and income 2. The slope of a wage constraint reflects the: a. rate at which a person is willing to substitute leisure for income c. income effect b. price of leisure d. substitution effect 3. When a worker maximizes her...
Labor Economics
9. Phil's wage increases and Phil responds by working more hours. Which of the following could explain this? a. Phil's substitution effect is larger than his income effect b. Phil views leisure as an inferior good. c. Phil's income effect is larger than his substitution effect d. Both b and c f. Phil died, but was brought back to life with an alien serum in a plot twist no one saw because they gave up after episode 5....
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