Suppose George views leisure as a normal good. He works at a job that pays w an hour. Use a labor-leisure analysis to compare the effects on the hours he works from a marginal tax rate on his wage, x, or a lump-sum tax (a tax collected regardless of the number of hours he works), T. If the per-hour tax is used, he works 10 hours and earns (1-x)10w. The government sets T = a10w, so that it earns the same from either tax. The budget constraint without taxes L¹ is illustrated in the figure to the right. Let the price of a unit of consumption be $1.00 such that 10w units of consumption correspond to income of $10w. 1.) Use the line drawing tool to draw the new budget constraint with an income tax. Label this line 'L''. 2.) Use the line drawing tool to draw the new budget constraint with a lump-sum tax. Label this line 'LL. Carefully follow the instructions above, and only draw the required objects. Y, Goods per day 10w 10w(1-tax rate) Time constraint 10: L, Leisure hours per day

Leslie works from home as an IT consultant and consumes only two goods: work (W), which is measured in hours, and consumption (C), which is measured in dollars. Normally she works 40 hours a week and is paid $25 per hour. However, she can be contracted for an additional 30 hours a week at $44 per hour. Leslie cannot work for more than 70 hours a week. For all following questions, round answers to 3 decimal places where necessary. e) What is the minimum number of hours Leslie must work to attain $2056 of consumption a week? Suppose, in parts ( ƒ ) to (h), that the government subsidises workers' wages at $2 for every hour worked. f) At what level of consumption does the kink in this new budget line occur? g) What is the maximum consumption available to Leslie if she works 70 hours a week given this subsidy? h) How many hours fewer does Leslie need to work to attain the maximum level of consumption she could achieve before the subsidy?

Q = K x L (Quantity = capital X labor) Are MPk and MPL diminishing?  Is MRTSL,k diminishing? (Marginal rate of technical substitution)

You run a factory that uses pottery wheels to make pots. You can hire anywhere between 1 and 3 skilled artisans (workers), and you can rent 1 or 2 pottery wheels (machines). Pots sell for $125 each. The total product of your factory is shown in the following table. Number of Machines (Capital, K) 1 Pottery wheels are 2 1 8 10 Number of Workers (Labor, L) 2 11 14 3 13 17 Suppose you rent one machine and hire one worker. You would be willing to pay $ to hire a 2nd worker. (Consider the value of the marginal product of labor.) Suppose you rent one machine and hire one worker. You would be willing to pay a rental rate of up to $ Suppose the wage is $350. If you have one pottery wheel, the number of workers you would want to hire is to acquire a 2nd machine. (Consider the value of the marginal product of capital.)

1

"Diminishing Returns in Microbrewing? Your microbrewery produces craft beer, using a single vat, various ingredients, and workers. If you double the number of workers and ingredients, but don’t add a second vat, would you expect your output (gallons per hour) to double? Explain.If you double the number of workers and ingredients and add a second vat, would you expect your output (gallons per hour) to double? Explain."

QUESTION 1 For the production function Q = KO.2L0.1 and the budget 133 = 7K + 5L find the optimal employment of L. Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 1.2, 1.14 = 1.1).

Consider an economy with one consumer and one firm. The firm produces the output C from the labour L according to the production function f(L)=L/182. The consumer provides labour to the firm and consumes the good C. The consumer can work a maximum of 18 hours a day. Her utility function is u(Le,C)=2C+Le where Le=18-L is her leisure time. What is the time L the consumer should work at the Pareto efficient allocation? None of the other answers. O a. Ob. L=0 O c. L=9 O d. L=3 O e. L=6 thomnt

Can you please help solve question 10 a,b and c  please show full working so I can compare it to my own work Thank you

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