A person wins the lottery. Considering economic theory, what is the impact of winning the lottery on his labour supply in these two scenarios: 1.) He is not working, 2.) He is working.
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A person wins the lottery. Considering economic theory, what is the impact of winning the lottery on his labour supply in these two scenarios:
1.) He is not working,
2.) He is working.
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- PLEASE ANSWER QUESTION 11. Zoe is trying to decide how to divide her time between her job as a wedding photographer, which pays $60 per hour for as many hours as she chooses to work, and as a rock collector, in which case her pay depends both on the price of the rocks and the number of them she finds. These are special rocks so they have value! Earnings aside, Zoe is indifferent between the two jobs. The number of rocks she can expect to find depends on the number of hours she searches: Hours per day Total rocks per day 0 0 1 7 2 13 3 17 4 20 5 21 The marginal cost of spending one hour hunting for rocks is $ . If the price per rock is $20 then the marginal benefit of spending one hour hunting for rocks is $ . If the price per rock is $20, she will spend at most hours hunting for rocks. If the price per rock falls to $10 then she will spend at most hours hunting for rocks.25. Economics: Labor Economics Thank you for your help and support Academic Agent!
- If labor costs are 60 percent of production costs, then a 15 percent increase in wage rates would increase production costs by: A. 60 percentB. 45 percentC. 15 percentD. 9 percent3. Consider the individual's utility function: U = U (C, L) = L}Cc (a) Compute the Marshallian labour supply. (b) Briefly discuss the main properties of this function.9. How price changes impact the labor market Consider the labor market for the fast-food industry, which consists mainly of high school and college students. Assume that all fast-food restaurants are profit maximizing. The following calculator shows the market demand curve (blue curve) and market supply curve (orange curve) for student workers, who are responsible for making cheeseburgers. At any time in this problem, you can click the Reset to Initial Values button to return the elements in the calculator to their original positions. You will not be graded on any changes to the calculator; it's just here to help you answer the following questions. Tool tip: You can directly change the values in the boxes with the white background by clicking in the box and typing. The graph and any related values will change accordingly. WAGE RATE 30 27 24 21 18 15 12 9 8 3 0 J 0 10 20 30 40 50 60 70 80 90 100 QUANTITY OF LABOR (Thousands of workers) Graph Input Tool LABOR MARKET CALCULATOR Wage rate…
- Suppose a project needs to hire 50 electricians. At the initial wage of 60K/year (including benefits) 480 are currently employed in the local area and 20 are estimated to be unemployed. The MEBT is 0.2. After electricians are hired for the project, the local wage increases to 65K/year and the number employed locally increases to 510. Estimate the opportunity cost of hiring the workers. Draw a diagram to illustrate. Explain, and defend any assumptions you make.11:14 Chegg Home Expert Q&A My solutions Student question 9. A firm in a competitive labor market sees an increase in wages. What happens to their level of capital and labor in the long-run? (For all answer increase, decrease, not applicable or ambiguous) a. The substitution effect will cause capital to ? b. The scale effect will cause capital to ? The total effect on capital d. The substitution effect will cause labor to _? e. The scale effect will cause labor to f. The total effect on labor 7 expert.chegg.com/qna/authoring/ : Time Left: 01:59:30 < 기 ? ? G م | 0 O 0 Vol) 1 LTE2 Tag the question → Step-by-step → Subject Economics Sub-subject 4G ll.ll 3 Search And Select ||| = @ Ťi need these shown graphically
- Q3 Just tell me the answer, don't need to explain. Please answer correct explain please asap please Don't answer by pen paper plz.QUESTION 27 Mazen is refinishing an antique china cabinet and has already spent AED 180 on the restoration. He expects to be able to sell the cabinet for AED 360. Mazen discovers that he needs to do an additional AED 200 of work to make the cabinet worth AED 360 to potential buyers. He could also sell the cabinet now, without completing the additional work, for AED 100. What should he do? A. It does not matter which action he takes since the outcome will be the same either way. OB. He should keep the cabinet since it wouldn't be rational to spend AED 380 restoring a cabinet and then sell it only for AED 360. OC. He should complete the additional work and sell the cabinet for AED 360. D. He should sell the cabinet now for AED 100.6. If leisure is an inferior good, what can you say about the slope of the labor supply curve?
