Problem Set #3 –Labor Supply System Applications
Submit your solutions via Canvas by Midnight (Eastern Age Zone) on Sunday 9/6
1) Presuppose a achievementer has V=0, gains $20/hour, and has 100 hours of discretionary age a week.
a) Graph this achievementer’s weekly budget labor.
b) Now prepresuppose that a upstart council system expands eligibility coercion aggravatetime, so that this achievementer receives “age and a half” ($30/hour) aggravateage if she achievements aggravate 40 hours per week. Semblance on the graph aloft how this changes her budget labor [verification a dashed length].
c) Using insignificance curves, semblance and argue how the availability of aggravateage obtain desire the hours of achievement determination. Semblance that some achievementers obtain be desireed by the availability of aggravateage and some won’t (who won’t?).
2) Presuppose that the American Bar Association wants to reform arrival to legitimate services coercion the penniless. Here are some options:
Option A: Every advocate would be required to donate 10 hours of achievement per month to low-income clients, permitted of charge
Option B: Advocates who gain $10,000 or past in a ardent month would bear to donate $1000 to a capital. The ABA would verification this capital to furnish legitimate prevent to low-income beings.
Consider a advocate who has 400 hours of discretionary age a month and makes $100/hour (coercion artlessness, arrogate V=0). Draw this advocate’s monthly budget labor beneath each of the span options.
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