Imagine we have the two datasets below (the first named person_age.dta and the second rent.dta) person_id county_id age 1 1 1 48.37863 23 2 2 2 39.79116 3 3 3 59.02524 4 4 4 40.65527 5 6 56 7 7 8 8 1 29.78645 2 3 52.80093 4 52.46461 county_id average_rent 55.16973 1 1 1348.872 2 2 1266.886 3 3 1136.646 4 4 1028.557 If we first load in person_age.dta and then merge to rent.dta, the correct code from the merge command would be

Real Wage Number of Workers Demanded Labor Force Participation Rate 60  120,000,000 30% 70  110,000,000 35% 80  100,000,000 40% 90  90,000,000 45% 100 80,000,000 50% 110  70,000,000 55% 120 60,000,000 60% 130 50,000,000 65% 140 40,000,000 70% 150 30,000,000 75% 160  20,000,000 80% 170    10,000,000 85% Ignore what happened in the previous question. The table above shows some pieces of information about the labor market condition in a country. It shows the number of workers demanded in the country at different levels of real wage. It also shows the labor force participation rates at those real wage levels. For example, if the real wage is 60, only 30% of the civilian population will participate in the labor force. If the real wage is 170, some 85% will participate in the labor force. The general price level in this country is P = 100. The civilian population in this country is 100 million persons. Assume that wages and prices are fully flexible upwards and…

Real Wage Number of Workers Demanded Labor Force Participation Rate 60  120,000,000 30% 70  110,000,000 35% 80  100,000,000 40% 90  90,000,000 45% 100 80,000,000 50% 110  70,000,000 55% 120 60,000,000 60% 130 50,000,000 65% 140 40,000,000 70% 150 30,000,000 75% 160  20,000,000 80% 170    10,000,000 85% Ignore everything that happened in the previous questions. We know that supply of labor can increase either because of an increase in labor force participation rate or an increase in civilian population. We saw the effect of the former above. This question is about the latter. The table above shows some pieces of information about the labor market condition in a country. It shows the number of workers demanded in the country at different levels of real wage. It also shows the labor force participation rates at those real wage levels. For example, if the real wage is 60, only 30% of the civilian population will participate in the labor force. If the real wage is…

A company has the following production relationships: Number of Workers Output 11 18 26 33 4 The marginal product of the fourth worker is units. If the marginal product of the third worker were 7 units, and the price of the output is $10, the third worker's marginal revenue product is $ If the marginal product of the third worker were 7 units, and the price of the output is $10, then the maximum amount the company would be willing to pay the third worker if he or she were hired is $ Suppose initially the marginal product of the third worker were 7 units and the price of the output is $10. Then the output market improves dramatically and the output price doubles to $20. The new maximum amount the company would be willing to pay the third worker is $ Suppose initially the marginal product of the third worker were 7 units and the price of the output is $10. Then a new technology makes each worker more productive and marginal product doubles. The new maximum amount the company would be…

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What is the combined rent, interest, and profit share of the income earned by Americans in a typical year if proprietors’ income is included within the labor (wage) share?

Which type of income is composed of both the labour income and capital income of those person who provide both labour and capital services One word

S The table below shows labor income for four individuals and the amount each has pa Labor Income, Tax Paid, and Average Tax Rate Labor Income Individual Samantha Charles Amanda Young (dollars) $40,000 60,000 84,000 105,000 O The income tax is progressive. The income tax is regressive. The income tav ic proportional

Family Flowers employs 17 people, of whom 14 earn gross pay of $640.00 each and 3 earn gross pay of $720.00 each on a weekly basis. What is the employer's share of total social security and Medicare taxes for the first quarter of the year? (Social security tax is 6.2% of wages up to $128,400. Medicare tax is 1.45% of all wages.)

John works for a government agency in California making $70,000 per year. He is being transferred to a branch office in Tennessee. The salary reduction associated with transfer is 11%. The Cost of Living Index (similar to consumer price index or equipment price index) in California is 132 whereas the Cost of Living Index in Tennessee is 95. a. How much extra income does John made as a result of the reduced Cost of Living? b. What is the adjusted salary of John based on the Cost of Living?