The town of Bookville has a massive public library system. Bookville's municipal government faces a tradeoff between retaining the current number of library workers and replacing some of its workers with computers. The four options available to the government are given in table below. Computers and software cost $5,000 each and must be replaced each year. After the introduction of a strong union, the annual salary for workers increases to $27,000. In these circumstances, the optimal choice from a cost perspective for the city government is Choice Number of Workers Number of Computers 30 50 100 10 150 300 20
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- One proposal includes increasing the EITC for childless workers to provide additional assistance for many poor workers. While an increase in the EITC would increase resources to qualifying childless workers, what impact will it have on their working decision? Assume a basic hours towards leisure and income towards consumption model. a. If qualifying childless workers already have a strong preference to work so they are already choosing to work (ex: 10 hours), an increase in the EITC could lead to a new choice involving fewer hours spent working, more hours spent towards leisure and more income towards consumption. Thus, the EITC expansion could discourage work. b.If qualifying childless workers already have a strong preference to not work so they are already choosing to work very littleand mostly enjoy leisure, an increase in the EITC could lead to a new choice involving more hours spent working, fewer hours spent towards leisure and more income towards consumption. Thus, the…Suppose there are two identical job offers in the same competitive labor market for a software developer position. Both offers have the same salary of $80,000 per year. However, Job A allows the employee to work from home, while Job B requires the employee to commute to the office daily. The average monthly commuting cost for Job B is estimated to be $400. Calculate the compensating differential in this scenario, and determine if it makes economic sense for the employee to choose Job B over Job A. Assume a working year consists of 12 months.If MPL = 4, the wage rate is 20 and the price at which the product is sold is 4 Group of answer choices a. adding more labor will increase profit b. adding more labor will decrease profits c. adding more labor will keep profits unchanged d. adding labor would make profit fluctuate up and down e. None of the above
- Consider the following model of a competitive labour market where both firms and workers have perfect foresight and symmetric information about the price level (that is, no misperceptions). Firms' technology is given by the production function y = a N ½ (production function) where a is a positive constant representing total productivity, N is employment and the elasticity of production to employed labour is 1/2. The government requires firms to pay pension contributions to the fiscal authority: the contribution is a small fraction x of the wage paid to each employed worker. Therefore, firms profits equal P y - W N - x W N and they are maximized taking the price level P, the nominal wage W, and the pension contribution rate x as given. Labour supply is given by: W = P b N where b is a positive constant. Answer all the following questions. a) Derive the labour demand schedule by solving the profit maximization problem of firms.You have the following equation relating job risk R to wages W: W = .01*R + XB, where XB indicates control for the following confounders: education, job experience, and income. Assume W= annual wages=50,000 A. If the change in R = a 1 in 10,000 higher chance of death in a year, how much more would an individual need to be paid to be willing to assume this risk? B. What is the implied statistical value of a year of life based on this model? C. What do you think would happen to the estimated relationship between R and W if none of the three confounders were included in this model? Explain.Suppose the labor market is segmented into two distinct markets: the market for low-skill workers and the market for high-skill workers. Furthermore, suppose the competitive equilibrium wage in the low-skill market is $7.00/hour, while the competitive equilibrium wage in the high-skill market is $20.00/hour. If the minimum wage is set at $10.00/hour, which market will exhibit the greatest amount of unemployment? Demonstrate it graphically.
- What economic principle justifies the high salaries of some professional athletes? Suppose the manager of a baseball team wants to hire a new pitcher for $4 million per year. Under what circumstances would it make sense for the team to do so? Assume that the government of the state of New Jersey has determined that a large number of injuries and deaths have occurred as a result of accidents involving the installation and repairs of electrical equipment at private residences. In reaction to this problem the state assembly decides to pass a law which requires that all certified electricians pass a tougher state licensing examination. Analyze the impact that this law is likely to have on the market for electricians and explain why safety may not necessarily improve. If the market price of the good or service that a firm produces increases, what happen to the demand of labor? Explain. Several cities across the United States have passed legislation to raise the living wage. How would this…True or false: Equilibrium employment is given by the intersection of the wage and the profit curves"no shirking constraint" (NSC) curve never crosses the supply of labor curve, so: Question 15 options: A) there is always full employment in equilibrium. B) the gap between the NSC curve and the supply of labor curve equals the difference between the efficiency wage and the market-clearing wage. C) the efficiency wage is always lower than the market-clearing wage. D) there is always some unemployment in equilibrium. E) the market never reaches equilibrium. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.
- Anna and Bob are the only residents of a small town. The town currently funds its fire department solely from the individual contributions of these two residents. Each of the two residents has a utility function over private goods ? and total number of firemen ?, of the form: ?(?,?)=2ln?+ln?. The total provision of firemen hired, ?, is the sum of the number hired by each of the two persons: ?=??+??. Ann and Bob both have income of 200 each, and the price of both the private good and a fireman is 1. They are limited to providing between 0 and 200 firemen. For the purposes of this problem, you can treat the number of firemen as a continuous variable (it could be man-years). Consider the setup from Question 2. Suppose that the government recruits additional ?N firemen and taxes Ann and Bob equally to cover the cost. Therefore, the total number of firemen is ??+??+?MA+MB+N, where ??,??MA,MB are appropriate individually-optimal contributions of ?A and ?B(i.e., the agents behave optimally,…discuss the key concepts of the Heckscher-Ohlin Model in factor abundenceAccording to the child labour model, if the demand curve is sufficiently elastic A. there is a single equilibrium with high wages or low wages, depending on the demand for labour B. there is a single equilibrium with low wages C. there is a single equilibrium with high wages D. there are multiple equilibria