Topic 5 Assignment Consumption (Dollars) 2000 1800 1600 W=$16 1400 1200 W=$12 1000 800 W=$8 600 400 200 E ° 0 10 20 30 40 50 60 70 80 90 100 Leisure (Hours) ? If Valerie's labor-supply curve is upward sloping when the wage is between $8 and $12 per hour, then point optimum at a wage of $12 per hour. Given this optimum at a wage of $12 per hour, an optimum of point supply curve when the wage is between $12 and $16 per hour. on the graph represents a possible generates a backward-sloping labor-

Topic 5 Assignment Consumption (Dollars) 2000 1800 1600 W=$16 1400 1200 W=$12 1000 800 W=$8 600 400 200 E ° 0 10 20 30 40 50 60 70 80 90 100 Leisure (Hours) ? If Valerie's labor-supply curve is upward sloping when the wage is between $8 and $12 per hour, then point optimum at a wage of $12 per hour. Given this optimum at a wage of $12 per hour, an optimum of point supply curve when the wage is between $12 and $16 per hour. on the graph represents a possible generates a backward-sloping labor-

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Jane is the General Manager at a new café and wants to hire a few baristas. The going rate for baristas is $15 per hour. Jane has heard that many of the local coffee shops have high turnover with baristas “ghosting” them – simply not showing up for their shifts and never coming back. Jane starts to put together an advertisement to hire baristas for $15 per hour, but changes her mind and lists the wages she will pay at $20 per hour. Why would Jane pay $15 per hour? What’s her rationale for paying $20 (or any wage higher than $15)?
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