Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

Suppose the U.S. passes a law that cuts the standard work day from 8 to 7 hours. Suppose that overtime (hours worked per day beyond the "standard" workday) is paid at 50% above the normal wage rate (1.5W) under both definitions of the standard workday. Answer the following problems related to the work incentives facing workers:

Graph the old budget constraint (in leisure/income space), showing the overtime premium after 8 hours of work per day. Assume a maximum work day of 16 hours as we have been doing in class, and be precise about where on the constraint overtime pay kicks in.

On your graph in (a), draw in the new budget constraint that sets the standard day at 7 hours.

Use your diagrams in (a) and (b) to analyze the change in work incentives facing workers as a result of this new law changing the standard work day. Be sure to consider different segments of the new vs. old constraints.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M938682

Have any Question? 


Related Questions in Microeconomics

Microeconomics assignmentquestion 1 - read attachment

MICROECONOMICS ASSIGNMENT Question 1 - Read Attachment 1 Answer the following questions. Use diagrams where appropriate. [Assume that the Australian grape and wine industries are perfectly competitive markets]: Use deman ...

Assignment1laura just opened a coffee shop in nyc named

Assignment 1. Laura just opened a coffee shop in NYC named Squirrel Coffee. Hoping to cater to the hipsters, she sells a special kind of cold brew infused with nitrogen, which she dubs ‘nitro coffee'. Assume for the purp ...

Econ discussionwith everything discussed with this course

Econ discussion With everything discussed with this course, first watch How we can make the world a better place by 2030. Then, offer your considerations as to whether this could work or not. Within your response, provid ...

Short paperthus far in the course the primary focus has

Short Paper Thus far in the course, the primary focus has been on hospitals within the healthcare industry. For this short paper you will consider the economic issues related to long-term care facilities. In this assignm ...

Asignment 11 given the production function asy 68 135x1

Assignment 1 1. Given the production function as: y = 6.8 + 1.35x 1 + 7.7x 2 - 8.5x 3 + 0.4x 4 - 0.06x 1 2 - 1.25x 2 2 + 0.2x 1 x 2 and assuming x 3 = 0.32 and x 4 = 4.25 i. Form production function in iso-quant set. ii. ...

Microeconomicsdiscussion forumnote the video has closed

Microeconomics DISCUSSION Forum Note: The video has Closed Captioning. To activate it, start the video, mouse over the bottom of the video and click on the CC icon, then select from the menu. Note: The video has Closed C ...

Question 1which of the following has not been identified as

Question 1 Which of the following has NOT been identified as a basic consumer right? Consumers have a right to safe products. Consumers have a right to collude. Consumers have a right to be informed about a product. Cons ...

Assignment land restoration proposalpart 1please see

Assignment: Land Restoration Proposal Part 1 Please see attachment for part 1 and only complete highlighted section for this assignment. Your team has been given the land rights to a 100-acre abandoned parcel of land. Th ...

Instruction please answer all questions all questions carry

Instruction: Please answer ALL questions. All questions carry equal marks. Please do not write over 2000 words for the entire assignment. 1. a. Using the graph shown, analyze the effect a $300 price ceiling would have on ...

1 please prove that two indifferent curve cannot cross each

1. Please prove that two indifferent curve cannot cross each other. 2. Please solve the following maximization problem u = √x 1 + x 2 max√x 1 + x 2 , st, p 1 x 1 + p 2 x 2 ≤ m 3. a. When prices are (p 1 , p 2 ) = (1, 2) ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen