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- Draw the indifference curve for someone decidinghow lo allocate time between work and leisure.Suppose the wage increases. Is it possible that theperson's mnsumption would fall? ls this plausible?Discuss. (Hint, Think about inmme and substitutioneffects.)There are two consumers, Cindy and Shelly. Cindy’s marginal rate of substitution equals C/L.Shelly’s marginal rate of substitution equals (C – 200)/(L – 80). Assume that each personchooses not to work and that there are 168 hours in a given week. Since Cindy and Shelly arenot working, they qualify for welfare. Assume each individual earns $630 in welfare paymentseach week whether they work or not.(a) Given these numbers, calculate each person’s MRS. Show your work.(b) Using your answer from part (a), graph Cindy’s and Shelly’s indifference curves onthe same set of axes. Label everything.(c) Assume Cindy and Shelly are each offered a job, and they each could earn the samereal wage. Given your answer from part (a), who is more likely to take the job andwhy?cook -int ences a) Chika has calculated the marginal utility that she derives from her paid employment and from leisure. This is presented in table below. In her ideal world, where she could work as few or as many hours as she wished, how would she allocate her sixteen waking hours? (She does need to sleep.) Hours 1 2 3 4 5 6 7 8 9 10 MU Paid Employment 80 75 70 65 60 55 50 45 40 35 MU Leisure 120 110 100 90 80 70 60 50 40 30 9 hours working and 40 hours leisure. b) Unfortunately, Chika begins to realize that unless she gets an education she will not enjoy a high salary and therefore, will not be able to afford more leisure time. She therefore decides to spend six hours each day studying (in addition to her eight hours of sleep). How will she now divide the remaining hours between work and leisure?! hours working and hours leisure. Help Save C
- Anya is awake for 100 hours per week. Using onediagram, show Anya's budget constraints ii sheearns $12 per hour, Sl6 per hour, and $20 per hour.Now d raw indifference curves such that Anya'slabor-suppl}' curve is upward-sloping whenthe wage is between $12 and $16 per hour andbackward-sloping when the wage is between $16and S20 per hou.tQ81.4 10c44 is the utility function of Fredvick 9 Sales executive at Barclays who maximizes uti lity by combining Leisure (L) with a maket basket of consumptive goods (c) 9 If tredrick does not earn any non -labair income(v estimate his labour supply function in temo of I,P and w. Where P= price, T = Total time wage rate. b) Calculate his reservation wage if T= 24 and P= I Calculate his oLon wage elasticity of labour supply equilibrium- in
- Consider a parent, with $200 in nonlabor income per week, who can earn $10per hour working between 0 and 60 hours per week. If this parent decides to work at allthen high-quality day care will cost a fixed $100 per week. a) Draw the budget line for this parent.N4J 4 a. Define an Indifference Curve (IC).
- Please do it in 10 minutes will upvoteQ5 plz help quick The marginal rate of substitution of nickels for dimes is O negative and constant. O negative but varies from point to point on a given indifference curve. O zero. positive but decreases as the number of Nicole's increasesThen consider an individual with the exact same preferences (same indifference curve map as in the previous question) and skills, but this person happened to have a better connection with a company and is earning a higher wage than the individual in part 'a'. Thus, this person faces budget line BL' below and takes l'hours of leisure (works T - l'hours). C 50 BL l' O Keep leisure the same T Then this individual is offered the same take-it-or-leave-it (TIOLI) cash grant of $g (that must be forgone if this person works at all). What would this individual do (in terms of leisure taken (and labor supplied))? O Take no leisure 151515 O Take more leisure, but not as much at T. ولا O Take all leisure (not work at all) O None of the other options.