Question
In: Economics
A person can choose to work any amount from 0 to 52 weeks per year at...
A person can choose to work any amount from 0 to 52 weeks per year at a wage of $1000 per week. (12 points)
For each of the scenarios below, indicate whether the proposed change will increase or decrease the number of weeks that this person will work, or if the effect is uncertain. Justify your answer by stating whether the change in the budget constraint leads to an income effect, a substitution effect, or both, and draw the new budget constraint. (2 points each)
- The government implements a welfare program in which the welfare system pays $5000 per year to people with no labor market earnings, but benefits are reduced by $0.50 for each $1 in labor market earnings that a person receives.
- The government adopts universal basic income where each person receives $5000 regardless of the amount of work.
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
Sam's Cat Hotel operates 52 weeks per year, 7 days per week
Sam's Cat Hotel operates 52 weeks per year, 7 days per week, and uses a continuous review inventory system. It purchases kitty litter for $10.75 per bag. The following information is available about these bags. Refer to the standard normal table for z-values. >Demand 95 bags/week >Order cost $56/order >Annual holding cost = 30 percent of cost >Desired cycle-service level = 99 percent >Lead time = 4 week(s) (28 working days) >Standard deviation of weekly demand = 20 bags >Current on-hand inventory is 325 bags, with no...
Suppose that a consumer earns wage income of $450 per week, and 52 weeks per year...
Suppose that a consumer earns wage income of $450 per week, and
52 weeks per year
a. Construct a yearly income-leisure constraint.
b. If the consumer chooses 20 weeks for work, graphically
explain this choice of work and leisure
behavior.
c. The government considers to offer an income supplement
program of $200 per week, or the
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from this consumer’s current motivation to work, what policy...
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Births are approximately Uniformly distributed between the 52
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4 decimal places when possible.
The mean of this distribution is
The standard deviation is
The probability that a person will be born at the exact moment
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The probability that a person will be born between weeks 20...
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Construction labor is budgeted on the basis of 52 weeks per
year. Construction labor is budgeted on the basis of 40 hours per
work week (Assuming overtime premiums) A contractor employs his
labor force for the full year of 1,676 hours with a company policy
that recognizes the following: 5 paid holidays per year.- 103 hours
of paid leave per year, per employee. For estimating purposes what
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productive work...
Sam's Cat Hotel operates 52 weeks per? year, 5 days per? week, and uses a continuous...
Sam's Cat Hotel operates 52 weeks per? year, 5 days per? week,
and uses a continuous review inventory system. It purchases kitty
litter for ?$11.50 per bag. The following information is available
about these bags. Refer to the standard normal table LOADING...
for? z-values.
Demand ?= 80 ?bags/week
Order cost? = ?$58?/order
Annual holding cost? = 30 percent of cost
Desired ?cycle-service levelequals90 percent
Lead time? = 2 ?week(s) ?(10 working? days)
Standard deviation of weekly demand? = 16 bags...
Your firm uses a continuous review system and operates 52 weeks per year. One of the...
Your
firm uses a continuous review system and operates 52 weeks per
year. One of the SKUs has the following characteristics.
Demand
(D) = 20,000 units/year
Ordering cost (S) = $40/order
Holding cost (H) = $2/unit/year
Lead
time (L) = 2 weeks
Cycle-service level = 95 percent
Demand
is normally distributed, with a standard deviation of weekly demand
of 100 units.
Current on-hand inventory is 1,040 units, with no scheduled
receipts and no backorders.
a.
Calculate the item’s EOQ. What...
Your firm uses a continuous review system and operates 52 weeks per year. One of the...
Your firm uses a continuous review system and operates 52 weeks
per year. One of the SKUs has the following characteristics. Refer
to the Z values.
>Demand (D) = 20,600units / (year)
>Ordering cost (S) = $45.00/order
>Holding cost (H)=$3.00/unit/year
> Lead (L) = 1 weeks
>Cycle-service |evel=96%
>Demand is normally distributed, with a standard deviation of
weekly demand of 103 units.
>Current on-hand inventory is 1,040 units, with no scheduled
receipts and no backorders.
The item's economic order quantity...
Problem 1: An ophthalmologist’s office operates 52 weeks per year. It purchases disposable contact lenses...
Problem 1:
An ophthalmologist’s office operates 52 weeks per year. It
purchases disposable contact lenses for $11.70 per pair. The
following information is available about these lenses.
Demand = 90 pairs/week
Order cost = $54/order
Annual holding cost = 27% of
purchasing cost
Desired cycle-service level = 80%
Lead time = 3 weeks
Standard deviation of weekly demand =
15 pairs
Current on-hand inventory is 320
pairs, with no open orders or backorders.
Part I Currently, the company uses...
A full-time technician working in the local Walk-In Clinic is paid $62,000 per year (52 weeks)...
A full-time technician working in the local Walk-In Clinic is
paid $62,000 per year (52 weeks) and works 40.0 hours per week over
5 days. The fringe benefit rate is 31 percent. In 2011, a
technician gets 8 holidays (Walk-In Closed), 5 sick days, and 10
vacation days.
How many full-time equivalent (FTE) technicians are required to
staff the local Walk-In Clinic, 8 am to 7 pm on weekdays, and 9 am
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1: A museum of natural history opened a gifl shop which operates 52 weeks per year....
1: A museum of natural history opened a gifl shop which operates
52 weeks per year. managing invertories has become a
problem.Top-selling SKU is a bird feeder. sale are 18 uits per
week, the supplier charges $60 per unit. Ordering cost is $45.
annual holding cost 25 percernt of a feeder's value. management
chose a 390-unit lot size
what is the annual cycle-inventory cost of the current policy of
using a 390-unit lot size?
would a lot size of 468...
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