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- Explain how the wage can adjust to balance thesupply and demand for labor while simultaneouslyequaling the value of the marginal product oflabor.The backward bending individual labour supply curve indicates that: 1. the income effect dominates the substitution effect in the upward sloping portion of the curve. II. the substitution effect dominates the income effect in the upward sloping portion of the curve. III. the substitution effect dominates the income effect in the downward sloping portion of the curve. A. Only III is correct B. I and III are correct O C. Only I is correctJosephmigratedtoCanadafromGhana5yearsago.Hecurrently works in sales but is considering quitting work for two years to earn an MBA degree. His current job pays $40,000 per year (after taxes), but he could earn $55,000 per year (after taxes) if he had an MBA. Tuition is $10,000 per year, and the cost of an apartment near campus is equal to the $10,000 he is currently paying. His discount rate is 6 percent per year. He just turned 48 and plans to retire when he turns 60, whether or not he earns his MBA degree. Based on this information, should he go for an MBA degree? Explain carefully with appropriate calculations.
- Education is related to income, in general. O True O FalseDefine marginal product of labor and value of the marginal product oflabor. • Describe how a competitive, profit-maximizing firm decides how many workersto hire.A backward-bending labor supply curve occurs when: None of the above O a negatively sloped labor supply curve is not possible. O the substitution effect of a wage increase equals the income effect. O the substitution effect of a wage increase is greater than the income effect. O the income effect of a wage increase is greater than the substitution effect.
- 1. Given the graph below, would Amy enter the LF? What is her reservation wage? MG() A 33 30 15 16 Hours of NMT 2. Suppose Amy's nonlabor income increases and shifts her budget constraint to BE'. Given the graph below, what happened to Amy's reservation wage? How would Amy's work decision change? 0 MO(S) A 30 E 16 Hours of NMTThe substitution effect of a change in wage rate on a firm's demand for labor input will be more significant EC68 O the greater the change in output. O the flatter are the firm's isoquants. O the larger the quantity of labor employed. O the more sharply curved are the firm's isoquants.Consider a parent, with $200 in nonlabor income per week, who can earn $10per hour working between 0 and 60 hours per week. If this parent decides to work at allthen high-quality day care will cost a fixed $100 per week. a) Draw the budget line for this parent.
- Total # of Pots Produced Per Day 0, Number of Workers ut of 1 6. 13 18 21 5 23 6. 22 From the above table, the diminishing marginal return begins with. employee. Select one: O A. Second O B. Fifth O C. Fourth O D. First O E. Third MacBook Air F10 & * 5 7 8 9. 9| 0 Y 01 ق K J .つ 6 ).QUESTION 12 The backward-bending supply of labour curve is based on consideration of income and substitution effects. Which of these statements explains why the labour supply curve slopes upwards when wage rates are relatively low? O a. The income effect outweighs the substitution effect O b. The individual feels able to give up consumption in order to enjoy more leisure O c. Wage increases increase the opportunity cost of leisure O d. The income and substitution effects work in the same direction6. Suppose that the representative consumer's div- idend income increases, and his or her wage rate falls at the same time. Determine the effects on consumption and labor supply, and explain your results in terms of income and substitution effects.