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- Suppose Jenny has 16 hours per day to allocate between work and leisure and she earns a wage rate of $25 per hour. If at the utility-maximizing level of employment (1.e., MRSYL = w), Jenny's MUL is 20 utils, what is her MUy? O A 08 utils OB 500 utils OC 1.25 utils OD Cannot be determined with the information provided Assume that b = 0.15% and that l = 0. If the one-year interest rate is 5% and the two- year interest rate is 5.75%, then i is equal to: O A 6 20% OB 5 60% OC 5 15% OD 5.90%Use the following to answer questions 76-80: Employee Benefits. The indifference curves in the graph below depict Shelly's preferences of wages and employee benefits. Shelly's annual value of marginal product is $45,000, and employers' cost of benefits is $1,000 per unit. Plot the wage-benefits curve in this example. Shelly chooses a job with employee benefit. O 10 15 20 O 25 wage (ths. 5/year) 23242525 40 30 20 15 10 h k h 05 10 15 20 25 30 35 40 benefits (units/year) units of theSuppose Jenny has 16 hours per day to allocate between work and leisure and she earns a wage rate of $25 per hour. If at the utility-maximizing level of employment (i.e., MRSy; = w), Jenny's MUy is 20 utils, what is her MUl? O A. 1.25 utils O B. 0.8 utils O C. 500 utils O D. Cannot be determined with the information provided.
- 1.4 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- inMary's employer is considering her for a firm-specific training program that will cost $4 per hour. Her current marginal revenue product is $20 per hour and will rise to $25 upon completion of the program. Of the following, Mary's training and posttraining wage, respectively, will most likely be O $20 and $25 O $16 and $25 O $20 and $ $21 O $16 and $214.1 Cindy gets utility from consumption (C) and leisure (L), and has a weekly timebudget ofT= 110 hours. Her utility function isU(C, L) = C L. She receives $660 each week from her great-grandmother regardless of how much Cindy works. What is Cindy's reservation wage? 4.2What is Cindy's optimal labor supply (h) and consumption (C) if her wage is 10 dollars per hour? Show your work.4.3
- JosephmigratedtoCanadafromGhana5yearsago.Hecurrently works in sales but is considering quitting work for two years to earn an MBA degree. His current job pays $40,000 per year (after taxes), but he could earn $55,000 per year (after taxes) if he had an MBA. Tuition is $10,000 per year, and the cost of an apartment near campus is equal to the $10,000 he is currently paying. His discount rate is 6 percent per year. He just turned 48 and plans to retire when he turns 60, whether or not he earns his MBA degree. Based on this information, should he go for an MBA degree? Explain carefully with appropriate calculations.The following graph represents the Marginal Revenue Product for workers at Ollie's O-Rings: S/worker/hour $40 $36 $32 $28 $24 $20 $16 $12 $8 $4 0. 40 60 80 100 20According to the Wall Street Journal, Mitsubishi Motors recently announced a major restructuringplan in an attempt to reverse declining global sales. Suppose that as part of the restructuring planMitsubishi conducts an analysis of how labour and capital are used in its production process. Priorto restructuring Mitsubishi’s marginal rate of technical substitution is 0.15 ( in absolute value). Tohire workers. Suppose that Mitsubishi must pay the competitive hourly wage of US$ 15. In thestudy of production process and markets where capital is procured, suppose that Mitsubishidetermine that its marginal productivity of capital is 0.5 small cars per hour at its new targetedlevel of output and that capital is procured in a highly competitive market. The same studyindicates that the average selling price of Mitsubishi’s smallest car is US$ 9500. Determine therate at which Mitsubishi can rent capital and marginal productivity of labour at its new targetedlevel of output. To minimize costs…
- Consider the following labor-leisure choice model. Utility function over consumption (C) and leisure (L) U(C,L) = C2/5L1/5 %3! Total hours: H = 40 Labor hours: NS = H -L Non-labor income: Tt = 20 Lumpsum tax: T = 10 Hourly wage: w = 2 What is the optimal labor supplied (NS*)? O A. 15 В. 25 O C. 6 D. 34 O E. None of the aboveSuppose 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 assurea minimum level of income for low-income families. Aid to Families withDependent Children (AFDC) was established with the Social SecurityAct of 1935. The family was given an income subsidy depending on family size. Under this program, the family’s benefi t was reduced by $1 forevery dollar earned. Suppose the maximum daily subsidy for the singleparent described in this problem is $40.a. Draw the daily budget constraint without program participation forthe single parent described in this problem.b. On the same graph, draw the daily budget constraint under AFDC forthe single parent described in this problem.c. What effect does this program have on the incentive to work? Explain.1. Given the graph below, would Amy enter the LF? What is her reservation wage? MG() A 33 30 15 16 Hours of NMT 2. Suppose Amy's nonlabor income increases and shifts her budget constraint to BE'. Given the graph below, what happened to Amy's reservation wage? How would Amy's work decision change? 0 MO(S) A 30 E 16 Hours of NMT