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- Asthebabyboomergenerationretires,whatshould happen to wages and employment? Can you show this graphically?Jordan's Labor Choices 230 --M-Budget Line -0-11 612 210 200 190 180 170 160 150 140 130 ho 100 90 B0 po 50 50 40 30 20 10 15 20 Hours of Leisure Jordan's labor choices are illustrated in the graph above. The wage rate is $14/hour, the price of consumption units is $1 per unit. How many hours will Jordan work? Units of ConsumptionExplain how the wage can adjust to balance thesupply and demand for labor while simultaneouslyequaling the value of the marginal product oflabor.
- Using a diagram of the labor market, show the effectof an increase in the minimum wage on the wagepaid to workers, the number of workers supplied, thenumber of workers demanded, and the amount ofunemployment12 10 8 4 2. 0 20 40 60 80 100 120 140 Quantity (thousands of workers) S The figure above shows the labor market in a region. If a minimum wage of $8 an hour is imposed, then there are unemployed workers. Select one: a. 60,000 O b. 20,000 O c. 80,000 O d. 40,000 Time left 0:47:06The way the workers’ compensation system works now, employees permanently injured on the jobreceive a payment of $X each year whether they work or not. Suppose the government were toimplement a new program in which those who did not work at all got $0.5X but those who did work got$0.5X plus workers’ compensation of 50 cents for every hour worked (of course, this subsidy would bein addition to the wages paid by their employers). What would be the change in work incentivesassociated with this change in the way workers’ compensation payments are calculated?
- Tal aming Www conomics W Hos Pe S X 3 2 722 Practices and w Name O E D A Carver & Debbie O CO OD Eme Who has the median income in this group 4-PREVIOUS C BA 4 O R F 28 2.10 Alex 5 V Caver Debbie Eame $41,000 Francesca $18.000 $36.000 Income $20,000 $90,000 $82.000 G SearchType T G 6 B Y H 4 TV U N C B 3 A I D t M 9 K O -0 V. X FSay that the average worker in the U.S. economy is eight times as productive as an average worker in Mexico.IftheproductivityofU.S.workersgrowsat2% for 25 years and the productivity of Mexico’s workers grows at 6% for 25 years, which country will have higher worker productivity at that point?Jonathan is a single father with one child. He can work as a server for $6 per hour for up to 1,500 hours per year. He is eligible for welfare, and so if he does not earn any income, he will receive a total of 10,000 per year. He can work and still receive government benefits, but for every 1 of income, his welfare stipend is 1 less. Create a table similar to Table 15.4 that shows Jonathans options. Use four columns, the first showing number of hours to work, the second showing his earnings from work, the third showing the government benefits he will receive, and the fourth column showing his total income (earnings + government support). Sketch a labor-leisure diagram of Jonathans opportunity set with and without government support.
- Susan is a single mother with three children. She can earn 8 per hour and works up to 2,000 hours per year. However, if she does not earn any income at all, she will receive government benefits totaling 16,000 per year. For every 1 of income she earns, her level of government support will be reduced by 1. Create a table, patterned after Table 15.3. The first column should show Susans choices of how many hours to work per year, up to 2,000 home. The second column should show her earnings from work. The third column should show her level of government support, given her earnings. The final column should show her total income, combining earnings and government support.Imagine that the government reworks the welfare policy that was affecting Jonathan in question 1, so that for each dollar someone like Jonathan earns at work, his government benefits diminish by only 30 cents. Reconstruct the table from question 1 to account for this change in policy. Draw Jonathans labor-leisure opportunity sets, both for before this welfare program is enacted and after it is enacted.How is the poverty rate calculated?