Based on the data you entered in the preceding table, use the orange curve (square symbols) to plot Latasha's labor supply curve on the following showing how much labor she supplies each week at each of the three wages. 24 22 20 Labor Supply 18 16 E 14 12 10 VAGE (Dollars per hour)
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- 4.1 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.4.3The backward-sloping labor supply curve Juanita has 80 hours per week to devote to working or to leisure. She is paid an hourly wage and can work at her job as many hours a week as she likes. The following graph illustrates Juanita's weekly income-leisure tradeoff. The three lines labeled BC1, BC2, and BC3 illustrate her time allocation budget at three different wages; points A, B, and C show her optimal time allocation choices along each of these constraints. ATTACHED Image Q11a For each of the points listed, use the preceding graph to complete the following table by indicating the hourly wage at each point and how many hours per week Juanita will spend during leisure activities versus working. Wage Leisure Labor Point (Dollars per hour) (Hours) (Hours) A B C Based on the data you entered in the preceding table, use the orange curve (square symbols) to plot Juanita's labor supply curve on the following graph, showing how much labor…Emberlynn has 80 hours per week that she can devote to time spent working or on leisure activities. Assume that Emberlynn is paid by the hour, and that her job will always allow her to work as many hours as she chooses. The following graph presents Emberlynn's weekly leisure-income tradeoff. The three lines labeled BC₁, BC₂, and BC show her time allocation budget at three different hourly wage levels. The given points A, B, and C represent her optimal time allocation choices along each of these constraints. INCOME (Dollars) 1200 800 400 0 BC₂ 8 BC, C 35 40 45 LEISURE (Hours) For each listed point, use the preceding graph to complete the following table by indicating the hourly wage as well as the number of hours per week Emberlynn will spend on labor and leisure. Wage Leisure Labor Point (Dollars per hour) (Hours) (Hours) A B C
- Darla gets her utility from consumption C and leisure L. The most leisure she can consume in any given week is 110 hours. Her utility function is U(C, L) = C x L. This implies that Darla’s marginal rate of substitution is C / L Darla receives $750 each week from her grandparents–regardless of how much she works. What is Darla’s reservation wage?Bassie, who can currently work as many hours as she wants at a wage of w, chooses to work ten hours a day. Her boss decide to limit the number of hours that she can work to eight hours per day. Show how her budget constraint and choice of hours changes. Is she unambiguously worse off as a result of this change? why?(Based on Chapter 2, Problem 1 of Benjamin et al., 2031) Amit has $2000 of annual non-labour income. He has 80 hours per week that he can allocate between labour and leisure, for 80 x 52 = 4160 hours per year. His current wage rate is $20 per hour and he chooses to work 2200 hours a year. (a) Draw a leisure - labour diagram, clearly indicating Amit's current labour supply decision. (Your diagram should be clearly labeled and include Amit's budget line and an indifferent curve showing his leisure and consumption of goods and services at his optimal choice. Use the figures provided to find the y-intercept and his consumption if he doesn't work.) (b) Amit's wage rate increases to $25 per hour. In response, he increases his labour supply to 2300 hours. If he were "compensated" accordingly, at this new wage rate he would be just indifferent to working 2200 hours at his original wage rate and working 2400 hours at the new wage. Illustrate Amit's new optimal choice. Use the information…
- Carlos has 168 hours per week to divide between labour and leisure. For his job, Carlos is allowed to work up to 60 hours a week earning a wage of $25, but faces a payroll tax of 20%. Given these constraints, Carlos chooses to work 40 hours per week. Graph the budget constraint and indicate the optimal choice, make sure to label all important points.Suppose that Boston consumers pay twice as much hours as she wants at a wage of w, chooses to work 10 hours a day. Her Boss decides to limit the number of hours that she can work to 8 hours per day. Show how her budget constraints and choice of hours change. Is she unambiguously worse off as a result of this change? Why?Topic 5 Assignment. Consumption (Dollars) 2000 1800 1600 W=$16 1400 E 1200 W=$12 1000 B 800 W=$8 600 400 200 0 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- Grade Final Step
- Illustrate (using a labor-leisure choice diagram) how a firm may induce a typical employee to lengthen his work week voluntarily by paying him premium wage rates for overtime hours.Lance lives in Williston, North Dakota. The firms in town, such as the Walmart, pay teenagers without a high school degree the federal minimum wage of $7.25 an hour. Because his parents provide him Y (mostly in the form of room and board), Lance chooses to stay in school and not work. However, a new fracking firm starts production nearby so the wage rises to three times the minimum wage. Use a labor-leisure choice figure to show why he does not work initially but then works a substantial number of hours at the higher wage. Draw Lance's original budget constraint and show that he does not choose to work. The firms in town, such as the Walmart, pay teenagers without a high school degree the federal minimum wage of $7.25 an hour. Assuming the price of consumption is $1.00, what is the slope of Lance's original budget constraint? The slope of Lance's original budget constraint is places.) (Round your response to two decimal C(i) Keith’s marginal utility of leisure is C – 20 and his marginal utility of consumption is L – 50. There are 110 hours in the week available to split between work and leisure. Keith receives £250 of welfare payments each week regardless of how much he works (assume he spends all of his welfare payments on consumption). What is Keith’s reservation wage? (ii) Suppose Danny receives the same welfare payments each week as Keith and has the same number of available hours (110). However, Danny’s indifference curve is flatter than Keith’s. How would his reservation wage compare to Keith’s? Why?