L08 Mini Capstone (1)

2. Andy's market wage rate is w=$10 per hour, and Andy has T=4,000 hours to divide between market work (h) and leisure L per year. Andy receives a lump-sum subsidy (that is, non-labor income) of V=$2,000 for the purposes of purchasing health insurance provided that he earns less than $20,000 per year. If Andy earns $20,000 or more, his subsidy is zero. a. Draw Andy's budget constraint, assuming he has no other non-labor income.

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Question 3 The figure below illustrates Maria's employment rent on her current job. Maria earns $12 an hour and works 35 hours a week at a job that provides her with a disutility of work equal to $2 an hour. If she were fired, Maria would receive an unemployment benefit of $6 an hour, and it would take her 44 weeks to find a job identical to the one she currently has. Hourly wages ($) O $9,240 O $4 Unemployment benefit = $6 Hourly wage = $12 O $6,160 Unemployment benefit plus the disutility of effort = $8 What is Maria's total employment rent? O $18,480 0 = what Maria gets should she not lose her job today = what Maria gets should she lose her job today Maria's rent when employed Disutility of effort when employed What Maria receives in unemployment benefit during her period of unemployment Number of 35-hour weeks Employment rent per hour Reservation wage per hour Expected duration of unemployment = 44 weeks (1,540 hours)

Trish earned a salary of $60,000 in 2002 and $80,000 in 2006. The consumer price index was 177 in 2002 and 221.25 in 2006. Trish's 2002 salary in 2006 dollars is $75,000; thus, Trish's purchasing power increased between 2002 and 2006. O $75,000; thus, Trish's purchasing power decreased between 2002 and 2006. $85,000; thus, Trish's purchasing power increased between 2002 and 2006. $85,000; thus, Trish's purchasing power decreased between 2002 and 2006.

Maria's current employment pays her $10 per hour, her disutility of effort is $3 per hour and the unemployment benefit, accessible if unemployed, is $3 per hour. a) Calculate Maria's total employment rent if she loses her job and remains unemployed for 1540 hours and then after that she regains her employment at the same pay rate. Show her total employment rent with the aid of a diagram. b) Calculate how Maria's employment rent will change if unemployment benefits fall by $1 per hour and she also incurs a psychological cost associated with losing her job of $1 per hour. Explain how this change may impact the effort she applies to her current job. c) Name three conditions necessary for the principal-agent problem to occur.

Lucille receives an annual salary of $37,500 based on a 37.5-hour workweek. What are her gross earnings for a two-week pay period in which she works 9 hours of overtime at 1 1/2  times her regular rate of pay? (Assume there are exactly 52 weeks in a year. Round your answer to the nearest cent.)       Gross earnings  =

Assume that you take a job with flexible hours, but initially your salary was based on a 40-hour week. Your salary begins at $15 an hour, or $30,000 per year. Assuming your salary rises, at what salary (hourly wage) would you begin to work fewer than 40 hours a week> Remember the job permits flexible hours Now if your rich uncle dies and leaves you $500,000 , would this alter the wage rate at which you cut your work hours? Would the wage rate change if you have children?

Consider a family where both the husband and wife work, and assume each spouse ha three more years to work (after the current year) before retirement. Following Table indicates the projected combined salary over the remaining working years if they each stay with their currentemployers. It also shows the combined salary they can expect if they relocate and change employers. Year Combined salaryat Current Job Combined salaryat New Job 1 $80,000 $83,000 2 $82,000 $87,000 3 $85,000 $92,000 Suppose the total cost of moving, including direct expenses, foregone earnings, and psychic costs(costs of leaving friends, coworkers, familiar surroundings, etc.) total $10,000. Assume all costs areincurred during the current year (year 0). a. If the discount rate is equal to the market interest rate of 6%, is this investment in mobility worthwhile?

John has gross biweekly earnings of $743.61. By claiming 1 more withholding allowance, John would have $19 more in his take home pay. How many withholding allowances does John currently claim?

1. The absolute value of the slope of the consumption-leisure budget line is the after-tax wage, W. Suppose some workers (L1) earn W for up to 40 hours of work each week, and then earn 2W for any hours worked thereafter (called overtime). Other workers (L2) earn W for up to 40 hours of work each week, and then only earn 0.5W thereafter as working more than 40 hours requires getting a second job which pays an hourly wage less than their primary job. Both types of workers experience a “kink” in their consumption-leisure budget line. A. Refer to graph. Which one of the statements below describes the consumption-leisure budget line for L1 and L2  a. L2 budget line is CBT-40 b. L2 budget line is ABT c. L1 budget line is CBT d. L1 budget line is ABT   B. Refer to graph. Which type of worker is likely to work up to the point of the kink? a. L1 b. L2   C. Refer yo graph. Which type of worker is likely to choose a consumption-leisure bundle far away from the kink a. L1 b. L2

You have the following wage band   Housekeeper    $  11-12                 The band is increased by 5%   What are the new wage rates for the following:    Housekeeper  A       11.10 Housekeeper  B        11.45 Housekeeper  C         11.80 New Wage Rate = (Old Wage Rate X Raise %) + Old Wage Rate

Consider an individual aged 64 who is eligible to collect full social security (public pension) benefits of $6,000 for a year. They have no other income but can work at a weekly wage rate of $600 for a maximum of 52 weeks. Receipt of benefits from the social security program is retirement tested. Specifically, the individual can earn up to $9,000 in annual wage income without a reduction in benefits; however, after $9,000 of earnings, benefits are reduced by 50% for every dollar earned, until the benefits are exhausted. a) Carefully draw and label the budget constraint for this individual. b) Suppose previously there was a retirement test, and then the test is eliminated, i.e., the individual now is allowed to keep all benefits, irrespective of their labour earnings. How would this affect the individual’s labour supply? Question Two David is a 70-year-old accountant. After serving his accounting firm for 45 years, David decides to retire soon. David has great passion for vintage cars…

Ursula is employed by USA Corporation. USA Corporation provides medical and health, disability, and group term life insurance coverage for its employees. Premiums attributable to Ursula were as follows: (Click the icon to view the premiums attributable to Ursula.) During the year, Ursula suffered a heart attack and subsequently died. Before her death, Ursula collected $14,000 as a reimbursement for medical expenses and $5,000 of disability income. Upon her death, Ursula's husband collected the $40,000 face value of the life insurance policy. Read the requirements. Requirement a. What amount can USA Corporation deduct for premiums attributable to Ursula? (Enter a "0" if none of the premiums are deductible.) The premiums attributable to Ursula that USA Corporation can deduct is Requirement b. How much must Ursula include in income relative to the premiums paid? (Enter a "0" if none of the premiums paid should be included in income.) The amount that Ursula must include in income relative…

Workers 1 2 3 4 MRP 5 6 7 A) 3 workers 20 18 16 14 12 If the wage rate decreases from $21 to $13, by how much will the firm expand employment? B) 2 workers C) 5 workers $24 D) 4 workers 22 22

Please write a different answer there is an answer available for this on Bartleby already and tutors are copying and pasting that answer. but I need a new working from you     1. Consider an individual aged 64 who is eligible to collect full social security (public pension) benefits of $6,000 for a year. They have no other income but can work at a weekly wage rate of $600 for a maximum of 52 weeks. Receipt of benefits from the social security program is retirement tested. Specifically, the individual can earn up to $9,000 in annual wage income without a reduction in benefits; however, after $9,000 of earnings, benefits are reduced by 50% for every dollar earned, until the benefits are exhausted. a) Carefully draw and label the budget constraint for this individual.  b) Suppose previously there was a retirement test, and then the test is eliminated, i.e., the individual now is allowed to keep all benefits, irrespective of their labour earnings. How would this affect the individual's…

Apply the the Basic Conditions of Employment Act (Section 83A) to determine whether the person described in the scenario below is an employee or an independent contractor. The following are extracts from Linda Mkhize contract:   She is provided with a laptop and the appropriate accounting software.   She will report to the finance manager.   She will work a 5‐day week and 9‐hours per day.

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In 1972 the maximum earnings of a worker subject to Social Security tax (SST) was $9,000. The maximum earnings subject to SST in 2016 is $118,500. Whatcompound annual increase has been experienced over this 44-year period of time? How does it compare with a 3% annual increase in the consumer price index over the same period of time?

n Figure 6.4 depicted Maria's best response curve when the expected duration of unemployment was 44 weeks. Which of the following statements is correct? 1 Effort per hour 0.8 0.5 0 06 Select one or more: Slope = MRT Reservation wage 12 Feasible set 24 Hourly wage ($) Maximum possible effort Worker's best response curve when expected unemployment duration is 44 weeks If the expected unemployment duration increased to 50 weeks, Maria's best response to a wage of $12 would be an effort level above 0.5. O b. If the unemployment benefit was reduced, then Maria's reservation wage would be higher than $6. O c. Over the range of wages shown in the figure, Maria would never exert the maximum possible effort per hour. Od. Increasing effort from 0.5 to 0.6 requires a bigger wage increase than increasing effort from 0.8 to 0.9.

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What is the combined rent, interest, and profit share of the income earned by Americans in a typical year if proprietors’ income is included within the labor (wage) share?

What is number 1 and number 3?

Number ofWorkersEmployed Output(Units) MarginalProduct(Units) Value ofMarginalProduct ($)(Market Price=1$) Value ofMarginalProduct ($)(Market Price=2$) 0 0       1 8       2 22       3 36       4 56       5 60       6 72       7 82       8 89       Derive Marginal Product and Value of Marginal Product from the following table when market price for the product is 1$ and 2$ .

Assume that a worker has the Utility Function U(C,L)-C060 LO40 "C" refers to consumption in dollars and "L" to hours of leisure in a day. The worker has an offered wage of $10 per hour, 20 hours available for leisure or work per day, and $90 dollars a day from non-labour income. a) Find the budget constraint equation of the individual. b) Find the optimal choice for the individual in terms of units of leisure and income, the number of hours worked and the utility obtained. Make a well labeled graph that illustrates the solution to the problem of the worker. c) d) Find the supply equation of the individual. e) Calculate the reservation wage and briefly explain the definition. The wage when T=L or hours of work equal 0.

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Labor demand and supply of labor is one of the external factors that impact compensation practices. If supply of labor is less than the labor demand, most employers offer to jobseekers. Higher rate Going rate Lower rate Market rate A clothing manufacturing utilizes Merrick's Multiple Piece Rate System that sets the standard output to 100 units per week and normal piece rate at 5 RO per unit. If Worker Z's actual weekly output is 100 units, solve earning per week. 650 О 500 O 550 O 600 ооо о

Functional resumes ◇ Another opportunity to sell yourself that only 10 percent of applicants ever send A business that can assist you in writing resumes but that charges you for its services ○ A worksheet to help you organize your experiences, skills, and abilities to help you in future written work O Should state what job you're applying for and how you found out about the job OA quality written summary of your experiences and qualifications listed by time OA collection of letters, resumes, and applications that reflects on you and the quality of your work O Sent with a resume, giving you another chance to emphasize skills and positive personal traits O The last paragraph of a letter of application OA quality written summary of your qualifications organized by skills/abilities An official document that becomes part of your official file

Kieron is currently working as an automobile detailer who earns $45,000/year. He currently has living costs of $30,000/year. Kieron has recently received a job offer interstate which offers $50,000 per year, where he expects his living costs to be $33,000/year. Select the item from the list provided to make the following statements true. By choosing to stay in his current job, Kieron is making a / an 1. Accounting profit 2. -$2000/year 3. Total cost Kieron's economic profit/loss by choosing to remain in his current job is Kieron's explicit cost if he chose to take the job offer interstate would be 4. Economic profit 5. Economic loss 6. A normal profit 7. $12000/year 8. $33000/year 9. Explicit cost 10. $45000/year 11. $1900 12. Implicit cost

Pls help ASAP