Draw a graph with leisure on the horizontal axis and income on the vertical axis. Assume 320...
Draw a graph with leisure on the horizontal axis
and income on the vertical axis. Assume 320
discretionary hours in a month, that can be used for labor or
leisure, and that the wage is $10 an hour. Draw the
budget constraint, and an indifference curve corresponding to
choosing a full time 160 hour a month job. Label
earnings.
Assume the family would qualify for $600 in TANF
benefits each month if hours of labor are zero. The program
offers a $225 earned income disregard, and then a 50% benefit
reduction rate. Add this TANF program to the budget
constraint. Label kink points and the level of
earnings at which TANF benefits are eliminated. Based on
your graph, does the household choose to work a full time job, or
opt for participation in the TANF program?
Homework Answers
Request Answer!
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
Add Answer to:
Draw a graph with leisure on the horizontal axis
and income on the vertical axis. Assume 320...
On a separate sheet of paper, draw a labor-leisure diagram with consumption ($) on the vertical...
On a separate sheet of paper, draw a labor-leisure diagram with consumption ($) on the vertical axis, and hours of leisure on the horizontal axis. Assume there are 16 discretionary hours in a day, and that wage is $20 per hour, and unearned income, V, is $100. Draw the budget constraint for a day, labeling the endpoints, and draw a utility maximizing indifference curve. Label approximate hours of leisure, labor, and earnings at the optimal point (choose numbers that appear...
Please see the attachment for the full question. How should I draw the income leisure graph...
Please see the attachment for the full question.
How should I draw the income leisure graph from part a) and part
b), and what are the slopes? Also, what are the differences between
part a) and b), and how will they affect the economy? Thank
you.
2. Consider a province with the following employment insurance (EI) program. Individuals choose to allocate labour and leisure across 52 weeks of the year. All individuals who have worked for at least 10 weeks...
2a) Suppose Henley has 320 hours available each month to devote to either labor or leisure....
2a) Suppose Henley has 320 hours available each month to devote to either labor or leisure. Furthermore, suppose Henley has no nonlabor income and she can earn a wage of $35 per hour. Construct a diagram illustrating Henley's budget constraint (be sure to properly label each axis, identify any intercept values, etc.). (2 points) b) Assume Henley maximizes utility by working 120 hours per month. Label this bundle on the budget constraint above as bundle "A" (be sure to identify...
The TANF program was created in 1996 by a major overhaul of the cash welfare system...
The TANF program was created in 1996 by a major overhaul of the cash welfare system in the United States. The cash welfare system distributes money from taxpayers to low-income families. TANF provides a monthly support check to families with incomes below a threshold level that is set by each state (read section 2.2.). Suppose that a single mother called Lisa, with two children and no other source of income, receive a monthly check for $425 from TANF. Assume further...
A person chooses between leisure and consumption. All of their consumption comes from current income. The...
A person chooses between leisure and consumption. All of their consumption comes from current income. The utility derived from any combination of leisure and consumption is given by U- YL-88Y where U is utility, L is the hours of leisure per week and Yis the number of dollars of income all of which will be spent on consumption. The person can work as many hours as they wish during the week at a constant wage of $4 per hour. There...
Suppose a single parent can work up to 16 hours per day at a wage rate...
Suppose a single parent can work up to 16 hours per day at a wage rate of $ 10 per hour. Various income maintenance programs have been developed to assure a minimum level of income for low-income families, such as AFDC (see Problem 2). One of the problems with AFDC is that benefits were reduced by $ 1 for every dollar earned. An alternative income maintenance program is Temporary Assistance for Needy Families (TANF), which also offers a no-work benefit...
This problem focuses on the labor supply effects of subsidies. Assume Ann gets utility from consumption...
This problem focuses on the labor supply effects of subsidies. Assume Ann gets utility from consumption c and leisure l. Ann chooses how many hours to supply to the labor market each day (h) but only has 16 hours per day for work and leisure (assuming 8 hours of sleep). For each hour she works, she earns an hourly wage w = 15. Assume Ann has no unearned income v = 0. 1. Write down Ann’s daily budget constraint in...
a) With free time on the horizontal axis and consumption on the vertical axis, draw the...
a) With free time on the horizontal axis and consumption on the vertical axis, draw the feasible set of an individual who receives a lump sum grant of £100 per day and then can work for a wage of £10 per hour. After earning £50 in his job he is subject to an income tax rate of 10%. b) Suppose now that his wage increased to £15 per hour. Draw the new feasible set on your diagram. c) Draw the...
Gina works at a diner. She has 100 hours each week to spend at labor/leisure, earns...
Gina works at a diner. She has 100 hours each week to spend at labor/leisure, earns a wage of $15 per hour, and works in a fancy modern restaurant that doesn't involve tips from customers. She has no sources of non-labor income, but she does have to pay $200 per week in childcare for her precious baby Carlos (regardless of how many hours she actually utilizes the childcare). Her utility function is U 1. 0.001CL2 (3 points) Each week she...
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...
Please see the attachment for the full question.
How should I draw the income leisure graph from part a) and part
b), and what are the slopes? Also, what are the differences between
part a) and b), and how will they affect the economy? Thank
you.
2. Consider a province with the following employment insurance (EI) program. Individuals choose to allocate labour and leisure across 52 weeks of the year. All individuals who have worked for at least 10 weeks...
2a) Suppose Henley has 320 hours available each month to devote to either labor or leisure. Furthermore, suppose Henley has no nonlabor income and she can earn a wage of $35 per hour. Construct a diagram illustrating Henley's budget constraint (be sure to properly label each axis, identify any intercept values, etc.). (2 points) b) Assume Henley maximizes utility by working 120 hours per month. Label this bundle on the budget constraint above as bundle "A" (be sure to identify...
A person chooses between leisure and consumption. All of their consumption comes from current income. The utility derived from any combination of leisure and consumption is given by U- YL-88Y where U is utility, L is the hours of leisure per week and Yis the number of dollars of income all of which will be spent on consumption. The person can work as many hours as they wish during the week at a constant wage of $4 per hour. There...
Gina works at a diner. She has 100 hours each week to spend at labor/leisure, earns a wage of $15 per hour, and works in a fancy modern restaurant that doesn't involve tips from customers. She has no sources of non-labor income, but she does have to pay $200 per week in childcare for her precious baby Carlos (regardless of how many hours she actually utilizes the childcare). Her utility function is U 1. 0.001CL2 (3 points) Each week she...
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...
Most questions answered within 3 hours.
-
During the past six months, 73.2 percent of US households
purchased sugar. Assume that these expenditures...
asked 3 seconds ago -
Which is a possible value for the principal quantum number
n?
7, 3.14 , 2.5, None...
asked 3 minutes ago -
Everyone loves a helium filled balloon for a party. Do some
basic Internet research and answer...
asked 2 minutes ago -
Here is a pair of aromatic compounds that each have a complicated
set of aromatic peaks....
asked 21 minutes ago -
As with many public goods, determining the appropriate level of
government support for the production of...
asked 24 minutes ago -
Write a balanced chemical equation for the oxidation reaction
between Caro’s acid (H2SO5) and CN– ion...
asked 27 minutes ago -
Calculate the number of valence electrons for
[Mo(C6H6)(CO)3]
asked 38 minutes ago -
Which of the following are true about the strength of the
association between two variables?
1-...
asked 34 minutes ago -
You are a monopolist and know that your consumers have a linear
demand curve. At what...
asked 33 minutes ago -
Raising a heavy load requires work. Raising it in half the time
requires:
asked 40 minutes ago -
MGT-201: Marketing Management
Before deciding on the structure of the channel marketers must
take several factors...
asked 39 minutes ago -
1. ACLs allow a router to control traffic within a network. The
concept is very similar...
asked 41 minutes ago