Suppose that a person's life is divided into two periods. A period of poor economic times, when this person earns $28 per hour of work, and a period of good economic times when they earn $42 per hour. The person cannot work more than 2000 hours in a single period, but they want to earn $107,000 total across both periods. What is the minimum number of hours this person needs to work total? Round your answer to two decimal places. Then take a second and thing about what is happening to GDP in each time period and connect the dots to Real Business Cycle Theory.

Q: If labor productivity for the first quarter was 575.4 and then when we calculate it for the next…

A: Productivity= Output/Input Productivity means output per input.

Q: Holding everything else constant, there is a (i) (denoted with Y). A country's total human capital…

A: There is a positive relationship between the total human capital stock (H) and real GDP (Y). This…

Q: A firm employs M workers per week and the length of the workweek at the firm is H Let MPM be the…

A: Profit is the difference between total revenue and total cost. In general, profit is maximized at…

Q: EXPLAIN the reason of increasing returns to a factor

A: # The increasing returns to a factor is the first phase of law of variable proportion. It is…

Q: General Electric paid its workers $5 a day in 1914. If the consumer price index was 10 in 1914 and…

A: The inflation refers to the rise in the price level in the economy. The inflation shows that there…

Q: what goes in blank

A: The unemployment rate = 100*(number of unemployed workers/labor force)

Q: The information below shows the relationship between the number of workers and the amount of…

A: The objective of the question is to calculate the average product of labor when there are two…

Q: 2. For the three-part question that follows, provide your answer to each part in the given…

A: Purchasing power is the number of goods and services that one unit of currency can buy. The income…

Q: Suppose that a person's life is divided into two periods. A period of poor economic times, when this…

A: Wage in good economic times = 39 Wage in bad economic times = 27  Maximum number of hours that can…

Q: Suppose P = $144, MPL = 39, and APL = 26, MPK = 72, and APK = 45. What is the value marginal product…

A: The additional revenue generated by employing one more unit of a specific input, such as labor or…

Q: Use the grey quadrilateral (star symbols) to shade the area representing the direct costs of…

A: Opportunity cost is the value of the goods and services foregone to obtain another goods. It can be…

Q: Suppose we measure labor productivity by the amount of output (horizontal axis) per unit pf physical…

A: Labor productivity refers to the output produced with given level of labor hours employed.

Q: The table below shows labor data for a country named Zhouland. Answer the following questions: Age…

A: Unemployment rate is defined because the percentage of total labor pool that's unemployed, but is…

Q: (Based on Chapter 2, Problem 1 of Benjamin et al., 2031) Amit has $2000 of annual non-labour income.…

A: The objective of the question is to understand Amit's labour supply decision and how it changes with…

Q: Compare the results of your personal time allocation to your ideal time allocation. Are you close to…

A: I set aside part of my time to study or refresh my knowledge and part of my entertainment, sometimes…

Q: Consider this scenario: Your neighbor offers to pay $500 if you will clear brush out of his backyard…

A: In a market, there are two types of gains such that accounting gains and economic gains. When…

Q: What problems are associated with contingent work and the underground (informal) economy?

A: Answer - Problems associated with contingent work and the underground (informal) economy :- 1.…

Q: The productivity of labor is defined as the    number of hours a worker spends at work.…

A: Productivity of labor or labor productivity shows the output produced per hour.  The higher…

Q: Suds and Duds Laundry washed and pressed the following number of dress shirts per week: Week 1 2 3 4…

A: We are going to calculate labour productivity to answer this question.

Q: why is 1-l1 hours worked and not just l1 as it states in the question

A: You are absolutely right the working hours are lt because (1-lt) are the leisure hours which are…

Q: Assume that the Fed is believed to cut discount rate in the near future. A speculative investor is…

A: An investor is an individual who puts their money in the business, bonds, equity, or other financial…

Q: Kevin, a worker in Volcania, can produce 182 baskets of Peaches in a(n) 11-hour shift. Calculate…

A: Labor productivity refers to the concept used to calculate the worker’s efficiency. It is estimated…