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Himig has two part-time jobs, as an assistant worker in a fast food chain (Job 1) and and as a receptionist at a small hotel (Job 2). Due to her heavy load in her studies, Himig can only render 12 hours a week in her jobs. She has determined that for every hour she works at Job 1, she needs 2 hours of preparation time, and for every hour she works at Job II, she needs one hour of preparation time, and she cannot spend more than 16 hours for preparation. If Himig makes Php 40 an hour at Job 1, and Php30 an hour at Job 2, how many hours should she work per week at each job to maximize her income? (Let x = Job 1; y = Job 2).
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- Weiwei gets a part-time job in high school that pays $5 per hour with flexible hours. Shechooses to work 6 hours per week, earning $30 per week. After a while, her job reduces herpay to $4 an hour. In response, she cuts back to working 5 hours per week, earning only$20 per week. Weiwei’s parents feel bad about the pay cut, and decide to give her a weeklyallowance, in cash, to make up for it. If they want to get her back to her old utility level,how much should they give her and why? (Select one answer from below) : (a) $10: that is her total amount of lost earnings(b) Between $10 and $6: that is the income effect minus the substitution effect(c) Between $10 and $6: leisure is a luxury good for high school students(d) $6: that is how much she would have lost if she kept working 6 hours(e) $5: the substitution effect offsets the change in labor hours(f) Between $6 and $0: she will substitute away from labor at the old bundle(g) Between $5 and $0: a pay cut is like a negative in-kind…Chelsea Menken works for a major consumer foods company earning $70,000 per year with about $57,600 in take-home pay. She rents an apartment for $1,200 per month. While in school, she accumulated about $37,000 in student loan debt on which she pays $385 per month. During her last fall semester in school, she had an internship in a city about 100 miles from her campus. She used her credit card for her extra expenses and has a current debt on the account of $8,000. She has been making the minimum payments on the account of about $240 a month. She has assets of $14,000. 1. Calculate Chelsea’s debt-to-income ratio. Round your answer to two decimal places.Gloria has 14 employees. She has to choose seven of them for a project team.In how many different ways can Gloria select employees for the project team?
- You are HR director for a growing architecture firm in Fort Lauderdale, Florida, which currently has need of drafting 20 blueprints every hour. Each of your company’s architects can create on average four blueprints per hour. You are considering hiring four drafters to shoulder the load; each drafter is slower than the architects and can create on average only two blueprints per hour. You scan the current wages in the Ft. Lauderdale area (https://www.bls.gov/oes/current/oessrcma.htm) and notice that the architects in your company earn the local occupational median wage of $30.14 per hour, but that the prospective four drafters will likely each want to get paid their local occupational median wage of $23.52 per hour. a. Would your company save money in the creation of the 20 blueprints by hiring the four new drafters and firing some architects? b. The Bureau of Labor Statistics projects that employment of drafters over the next decade will drop by 1.2%, compared to an increase of…Marie is about to choose a career path. She can either become a certified public accountant or a high school teacher. Marie lives two periods. In the first, she gets an education. In the second, she works in the labor market. If Marie becomes a certified public accountant, she will spend $45,000 on education in the first period and earn $500,000 in the second period. If she becomes a high school teacher, she will spend $30,000 on education in the first period and then earn $400,000 in the second period. Suppose Marie can lend and borrow money at a 5 percent rate of interest between the two periods. a) Which career will she pursue? b) What if she can lend and borrow money at a 15 percent rate of interest?Edie chooses to work 90 hours per week when the wage rate is $16 per hour. If she is offered time-and-a-half ($24 per hour) for “overtime work” (i.e., hours in excess of 90 per week), will she choose to work longer hours? Support your results with a diagram.
- A craft chocolate producer considers hiring one extra worker in production. Currently, the shop is selling 200 chocolate bars per day at a price of $6. With one extra worker, the manager estimates that they would be able to increase the output to 250 chocolate bars per day and that they would need to lower the price to $5.50 in order to sell them. The daily salary of this new employee would be the same as for the existing ones: $150. What should the manager do? Group of answer choices Reduce the number of workers working in his chocolate place Increase its selling price Turn down the new worker and maintain the same number of employees Increase the salary of all employees Hire the extra workerIn a tradeoff between two decision criteria such as ease of commuting and attractiveness of job, can you use money as a common denominator to estimate precise tradeoffs? State your reasons. Illustrate using the following tradeoff matrix. What sort of salary differences would it take for commute time to trump job attractiveness?Decision Criteria Monetary Issues Other IssuesCommute Time Medium MediumJob Attractiveness High MediumJohn was a troubled teen and got arrested several times and even spent some time in a juvenile detention center. John is now 22 years old and briefly attended Highline College but dropped out and has no job. John’s grandmother is very concerned, so she promised John that if he got a steady job, did not break the law again, and if he went back to Highline College if he could be re-admitted, she would pay John $50,000. John loved his grandmother and he promised to do all of that for her. Discuss whether these various promises on John’s part would constitute valid consideration for the payment of the $50,000. Please fully explain your answer for all the points.
- Lucille receives an annual salary of $37,500 based on a 37.5-hour workweek. What are her gross earnings for a two-week pay period in which she works 9 hours of overtime at 1 1/2 times her regular rate of pay? (Assume there are exactly 52 weeks in a year. Round your answer to the nearest cent.) Gross earnings =Cindy gains utility from consumption C and leisure L. The most leisure she can consume in any given week is 168 hours. Her utility function is U ( C, L) = C x L. This functional form implies that Cindy’s marginal rate of substitution is C/L. Cindy receives $630 each week from her great-grandmother—regardless of how much Cindy works. What is Cindy’s reservation wage?(Based on Chapter 2, Problem 1 of Benjamin et al., 2031) Amit has $2000 of annual non-labour income. He has 80 hours per week that he can allocate between labour and leisure, for 80 x 52 = 4160 hours per year. His current wage rate is $20 per hour and he chooses to work 2200 hours a year. (a) Draw a leisure - labour diagram, clearly indicating Amit's current labour supply decision. (Your diagram should be clearly labeled and include Amit's budget line and an indifferent curve showing his leisure and consumption of goods and services at his optimal choice. Use the figures provided to find the y-intercept and his consumption if he doesn't work.) (b) Amit's wage rate increases to $25 per hour. In response, he increases his labour supply to 2300 hours. If he were "compensated" accordingly, at this new wage rate he would be just indifferent to working 2200 hours at his original wage rate and working 2400 hours at the new wage. Illustrate Amit's new optimal choice. Use the information…