Alex earns a wage of 15 an hour if he works up to forty hours per...
Alex earns a wage of 15 an hour if he works up to forty hours per week. however,for every hours, alex works in excess of 40 he earns a wage of 30 an hour。
Alex also faces a 20% tax rate and pays child-care expenses of 4 for every hour he works.
He also receives a child support payment of 80 per week. He has a total of 110 hours per week that he can dedicate to work and leisure.
Graph alex potential income constraint line
Homework Answers
ANSWER
If Alex works for 40 hours,
Income after tax= 15*40*(1-0.2)=$480
Expense in child care= 4*40=$160
Child care support Income= $80
Total Income= 480 - 160 + 80 = $400
If Alex decided to work overtime,
Income after tax= (15*40+30*70)*(0.8)= $2160
Child care expenses= 4*110= $440
Child care support Income= $80
Total Income= 2160 - 440 + 80 =$1800
So Alex's income constarint line will look like
Add Answer to:
Alex earns a wage of 15 an hour if he works up to forty hours
per...
(10) A person earns a wage $10 per hour and has 100 hours per week to...
(10) A person earns a wage $10 per hour and has 100 hours per week to allocate between leisure and work. At the $10 wage, the person chooses to consume 65 hours of leisure per week. a. Draw the labor-leisure graph showing the situation described above. Make sure to label all intercepts, axis, and relevant slopes in your graph. b.The wage increases to $15 per hour. Assume the substitution effect exceeds the income effect. Show on your graph whether the person works more...
David works for a cookie company downtown. He earns $7 per hour. In a typical week,...
David works for a cookie company downtown. He earns $7 per hour. In a typical week, he works 22 hours. His employer provides overtime pay equal to 3 times his normal wage if he works past 40 hours. The company also provides a 8% commission on all cookies sold. How much can David make this week if he works 30 hours and sells $1100 worth of cookies?
26. Under a modified wage plan, Him works an eight-hour day and earns $.50 for each...
26. Under a modified wage plan, Him works an eight-hour day and earns $.50 for each finished unit he produces in excess of 200 units. However, he is guaranteed $12.50 per hour as a minimum wage. His production this week was as follows: Monday 220 units Tuesday 180 units Wednesday 200 units Thursday 200 units Friday 190 units How much was the make-up guarantee paid to Jim this week? a $10 b. $5 c. $15 d. $12.50 27. Under a...
David works for a cookie company downtown. He earns $7 per hour. In a typical week,...
David works for a cookie company downtown. He earns $7 per hour. In a typical week, he works 22 hours. His employer provides overtime pay equal to 3 times his normal wage if he works past 40 hours. The company also provides a 8% commission on all cookies sold. How much can David make this week if he works 30 hours and sells $1100 worth of cookies? Group of answer choices $230. $210. $268. $298.
Sam receives a regular wage of $15 per hour for a 40 hour week. He receives...
Sam receives a regular wage of $15 per hour for a 40 hour week. He receives one and one-half his regular hourly rate for hours over 40 per week and twice his normal rate for Sundays and holidays. Last week Sam worked 62 hours including 8 hours on a holiday. Calculate Sam's gross pay.
Leisure-labour choice 1. Mr. Cog works in a machine factory. He can work as many hours per day as he wishes at a wa...
Leisure-labour choice 1. Mr. Cog works in a machine factory. He can work as many hours per day as he wishes at a wage rate of w. Let C be the number of dollars he spends on consumer goods and let R be the number of hours of leisure that he chooses. (a) Mr. Cog earns $8 an hour and has 18 hours per day to devote to labor or leisure, and he has $16 of nonlabor income per day....
Jake earns 914 per week he works a fluctuating workweeks for week ended June 20 he...
Jake earns 914 per week he works a fluctuating workweeks for
week ended June 20 he earned 20 per hour for the 914
SHow woll Jake earns $914 per week. He works a fluctuating workweek. For the week ended June 20, 20XX he earned $20 per hour for the $914. a. How many hours did he work? b. He had overtime hours. Calculate his gross pay using the first method (method A) of a fluctuating workweek. (Hint-his gross pay is...
John’s utility function is represented by the following: U(C,L) = (C-400)*(L-100), where C is expenditure on consumption...
John’s utility function is represented by the following: U(C,L) = (C-400)*(L-100), where C is expenditure on consumption goods and L is hours of leisure time. Suppose that John receives $150 per week in investment income regardless of how much he works. He earns a wage of $20 per hour. Assume that John has 110 non-sleeping hours a week that could be devoted to work. a. Graph John’s budget constraint. b. Find John’s optimal amount of consumption and leisure. c. John...
Mr. Simpson’s preferences for consumption and leisure can be expressed as U(C,L)=(C-100)(L-68). There are 168 hours...
Mr. Simpson’s preferences for consumption and leisure can be expressed as U(C,L)=(C-100)(L-68). There are 168 hours in a week available for him to split between work and leisure. He earns $20 per hour after taxes. He also receives $300 worth of welfare benefits each week regardless of how much he works. What is Mr. Simpson’s optimal level of consumption? What is Mr. Simpson’s reservation wage? Suppose that in addition to the $300 government welfare, Mr. Simpson receives from his oversea...
Pat's wage rate is $6 per hour and she has a maximum of 100 hours per...
Pat's wage rate is $6 per hour and she has a maximum of 100 hours per week to allocate between leisure and work. Without any welfare assistance program, Pat chooses to work 37.5 hours per week. a. Suppose Pat is eligible for welfare benefits of $225 per week, but benefits are reduced $1 for every $1 she earns. Draw the budget line (label all relevant values) and indifference curve that represents Pat's maximum utility under these circumstances. b. The structure...
26. Under a modified wage plan, Him works an eight-hour day and earns $.50 for each finished unit he produces in excess of 200 units. However, he is guaranteed $12.50 per hour as a minimum wage. His production this week was as follows: Monday 220 units Tuesday 180 units Wednesday 200 units Thursday 200 units Friday 190 units How much was the make-up guarantee paid to Jim this week? a $10 b. $5 c. $15 d. $12.50 27. Under a...
Leisure-labour choice 1. Mr. Cog works in a machine factory. He can work as many hours per day as he wishes at a wage rate of w. Let C be the number of dollars he spends on consumer goods and let R be the number of hours of leisure that he chooses. (a) Mr. Cog earns $8 an hour and has 18 hours per day to devote to labor or leisure, and he has $16 of nonlabor income per day....
Jake earns 914 per week he works a fluctuating workweeks for
week ended June 20 he earned 20 per hour for the 914
SHow woll Jake earns $914 per week. He works a fluctuating workweek. For the week ended June 20, 20XX he earned $20 per hour for the $914. a. How many hours did he work? b. He had overtime hours. Calculate his gross pay using the first method (method A) of a fluctuating workweek. (Hint-his gross pay is...
Pat's wage rate is $6 per hour and she has a maximum of 100 hours per week to allocate between leisure and work. Without any welfare assistance program, Pat chooses to work 37.5 hours per week. a. Suppose Pat is eligible for welfare benefits of $225 per week, but benefits are reduced $1 for every $1 she earns. Draw the budget line (label all relevant values) and indifference curve that represents Pat's maximum utility under these circumstances. b. The structure...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago