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.

Would the owner of a profit-maximizing clothing store hire another worker for $85 per day if that worker added faster service, increasing sales and revenue by $80 per day? Why or why not? Explain your answer. BI UV A/ Paragraph 영 + X 11.

Consider the labor–leisure budget constraint curve on the graph. This curve shows trade‑offs between income and leisure that must be made over the course of one week. Assume there are no artificial barriers to limits on hours worked and that the wage is $25 per hour.   Determine the vertical and horizontal intercepts. vertical intercept: $     horizontal intercept:   h

Why might a labor supply curve be backward bending? Explain your answer using the concepts of the income effect and the substitution effect. (You can explain your answer using words or you can draw a graph accompanied with a brief explanation)

According to the Economics Policy Institute (Mishel and Wolfe, 2019) CEO pay has grown 940% since 1978 while the compensation of the average worker has only risen 12%. While you can easily find sources that provide statistics that conflict with these numbers, you would be hard pressed to find any credible source that refutes the idea that the rate of pay of CEO’s and other upper-level managers has not dramatically increased relative to an organization’s lower-level employees in just about any 10 or more year period over the past 60 years. In the world of Adam Smith, the “invisible hand” of the free market capitalistic model would address inequities/out of balances. Are the forces represented by the “invisible hand” working? Why or why not? Is there an ethical dimension to the discussion of upper-level manager compensation? Why or why not? How does (or does it?) levels of pay of upper management impact the rest of us commoners?

ECON 122: Short Writing Assignment #3 Suppose there are two different labor markets, A and B, each with identical demand for labor curves. If the Supply curves are also identical, draw a graph of each labor market in the space below: Now, assume that Market A's working conditions - for some reason - become much harsher than that for Market B (perhaps they are more dangerous or unhealthy). Illustrate how this development would impact your graph(s) above. What impact would this have on the wages in Market A relative to Market B? How about on total employment in each market? Why?

Given the production function y= f(x1,x2)=x11/3x21/3. The amount of  x2 is equal to 216 in the short run.   Calculate the factor demand function Given the product price (P) is 6 and the price of factor 1 (w1) is 12, calculate the optimum amount of factor 1. Show your results on a graph. What will happen to the optimum level of factor 1 when both the price of the good and the price of factor 1 increase simultaneously?