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Suppose Jenny has 16 hours per day to allocate between work and leisure and she
earns a wage rate of $25 per hour. If at the utility-maximizing level of employment
(i.e., MRSy; = w), Jenny's MUy is 20 utils, what is her MUl?
O A.
1.25 utils
O B.
0.8 utils
O C. 500 utils
O D. Cannot be determined with the information provided.
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- Suppose Jenny has 16 hours per day to allocate between work and leisure and she earns a wage rate of $25 per hour. If at the utility-maximizing level of employment (1.e., MRSYL= w), Jenny's MUL is 20 utils, what is her MUy? !3! O A. Cannot be determined with the information provided. O B. 0.8 utils O C. 1.25 utils O D. 500 utilscook -int ences a) Chika has calculated the marginal utility that she derives from her paid employment and from leisure. This is presented in table below. In her ideal world, where she could work as few or as many hours as she wished, how would she allocate her sixteen waking hours? (She does need to sleep.) Hours 1 2 3 4 5 6 7 8 9 10 MU Paid Employment 80 75 70 65 60 55 50 45 40 35 MU Leisure 120 110 100 90 80 70 60 50 40 30 9 hours working and 40 hours leisure. b) Unfortunately, Chika begins to realize that unless she gets an education she will not enjoy a high salary and therefore, will not be able to afford more leisure time. She therefore decides to spend six hours each day studying (in addition to her eight hours of sleep). How will she now divide the remaining hours between work and leisure?! hours working and hours leisure. Help Save CSuppose Jenny has 16 hours per day to allocate between work and leisure and she earns a wage rate of $25 per hour. If at the utility-maximizing level of employment (1.e., MRSYL = w), Jenny's MUL is 20 utils, what is her MUy? O A 08 utils OB 500 utils OC 1.25 utils OD Cannot be determined with the information provided Assume that b = 0.15% and that l = 0. If the one-year interest rate is 5% and the two- year interest rate is 5.75%, then i is equal to: O A 6 20% OB 5 60% OC 5 15% OD 5.90%
- 1.4 10c44 is the utility function of Fredvick 9 Sales executive at Barclays who maximizes uti lity by combining Leisure (L) with a maket basket of consumptive goods (c) 9 If tredrick does not earn any non -labair income(v estimate his labour supply function in temo of I,P and w. Where P= price, T = Total time wage rate. b) Calculate his reservation wage if T= 24 and P= I Calculate his oLon wage elasticity of labour supply equilibrium- inHannah’s wage rate is initially $10 per hour and she maximises her utility by supplying 8hours of work. Subsequently, her wage rate increases to $15 per hour and her newequilibrium position corresponds to 9 hours of work. It is noted that the income effect (IE)causes the labour supply to change by 1 hour and the substitution effect (SE) causes thelabour supply to change by 2 hours. How to draw in diagram, to show the IE and SE?According to the Wall Street Journal, Mitsubishi Motors recently announced a major restructuringplan in an attempt to reverse declining global sales. Suppose that as part of the restructuring planMitsubishi conducts an analysis of how labour and capital are used in its production process. Priorto restructuring Mitsubishi’s marginal rate of technical substitution is 0.15 ( in absolute value). Tohire workers. Suppose that Mitsubishi must pay the competitive hourly wage of US$ 15. In thestudy of production process and markets where capital is procured, suppose that Mitsubishidetermine that its marginal productivity of capital is 0.5 small cars per hour at its new targetedlevel of output and that capital is procured in a highly competitive market. The same studyindicates that the average selling price of Mitsubishi’s smallest car is US$ 9500. Determine therate at which Mitsubishi can rent capital and marginal productivity of labour at its new targetedlevel of output. To minimize costs…
- Which of the following statements is false? o A. The difference between the substitution effect and income effect of a wage increase does not depend on the shape of the indifference curves. OB. If the wages rise, it is possible to observe both the substitution and income effects. O C. A reservation wage is the wage below which a person will not work in the labour market. O D. Other things equal, people who are working longer hours will exhibit higher income effects when wage rates change.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.. An individual's utility function is given by u = 1000 x, + 450 x. + 5x, x. - 2x-x where x, is the amount of leisure measured in hours per week and x,is income earned measured in cedis per week. Det er mine the value of the marginal utilities, when x, = 138 and x= 500. Hence est imate the change in utility if the individual works for an extra hour, which increa ses earned income by GH¢ 15 per week. Does the law of diminishing ut ility hold for this function? %3D
- ASAP pls Discuss the possible substitution effect and the income effect of an increase in income on leisure time..There are two consumers, Cindy and Shelly. Cindy’s marginal rate of substitution equals C/L.Shelly’s marginal rate of substitution equals (C – 200)/(L – 80). Assume that each personchooses not to work and that there are 168 hours in a given week. Since Cindy and Shelly arenot working, they qualify for welfare. Assume each individual earns $630 in welfare paymentseach week whether they work or not.(a) Given these numbers, calculate each person’s MRS. Show your work.(b) Using your answer from part (a), graph Cindy’s and Shelly’s indifference curves onthe same set of axes. Label everything.(c) Assume Cindy and Shelly are each offered a job, and they each could earn the samereal wage. Given your answer from part (a), who is more likely to take the job andwhy?Income $240 $192 0 15 16 17 a) Using the above diagram, decompose the effect of a wage decrease for this individual into Income Effect (IE) and Substitution Effect (SE). Leisure 24 b) How many hours of work is effected because of the IE? c) How many hours of work is effected because of the SE? d) What is the net effect of this wage decrease on hours of work for this individual?