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Q1:•Do you know of anything that employers often do that is actually illegal, under the ESA, for an employer to do in Ontario? Support your claim with researched evidence.See Answer
Q2:Deborah has 80 hours per week available for work and leisure. Her current wage rate is $25 per hour. Deborah has $400 of rental income every week. a- Construct a proper diagram to describe Deborah’s choice of working 40 hours per week. Calculate Deborah’s maximum possible income and optimal income, and show them in the diagram.b- Suppose Deborah recently moved into her boyfriend’s place. She shares the household expenses and is “taxed” 50% of her wage income. Draw another diagram to compare Deborah’s choice in Part a) and a new labor supply decision of working 50 hours per week due to the “tax”. Clearly label out the income effect, substitution effect and total effect in the diagram. See Answer
Q3:Samantha has an annual non-labour income of $5000. Suppose she has the total available time of 4160 hours per year. Samantha’s wage rate is $15 per hour, and she chooses to work 2000 hours in a year. Suppose when Samantha’s wage rate increases from $15 to $18 per hour, she will work 2040 hours. At $18 per hour, if she works 2200 hours per year, she would be indifferent to her original work decision before the wage increase. a- Draw a diagram to show all the given information related to Samantha’s work circumstances. Calculate all the relevant income levels and label them in the graph. b- Calculate Samantha’s income effect, substitution effect and total effect related to the wage increase. Show them in the diagram. See Answer
Q4:Question One Consider an individual aged 64 who is eligible to collect full social security (public pension) benefits of $6,000 for a year. They have no other income but can work at a weekly wage rate of $600 for a maximum of 52 weeks. Receipt of benefits from the social security program is retirement tested. Specifically, the individual can earn up to $9,000 in annual wage income without a reduction in benefits; however, after $9,000 of earnings, benefits are reduced by 50% for every dollar earned, until the benefits are exhausted. a) Carefully draw and label the budget constraint for this individual. (6 Marks) b) Suppose previously there was a retirement test, and then the test is eliminated, i.e., the individual now is allowed to keep all benefits, irrespective of their labour earnings. How would this affect the individual's labour supply? (4 Marks)See Answer
Q5:1.a State the "Law of Demand" 5 pts b Look at these Graph 3 XX Graph 4 graphs: In graph 3 a higher price results in a higher quantity, in graph 4 a lower price results in a lower quantity. This means the "law of demand" is disproven. 1 Do you agree? Why or why not? 10 pts 2. Let's say that the prevailing wage rate is $15. You(the Queen or King) are thinking of proposing a minimum wage of $20 or $10. a. Is the $20 proposal a price ceiling or floor? Is the $10 proposal a price ceiling or floor? 10 pts b. Who is the buyer and seller? (demand curve, supply curve)? 5pts c. What would be the result of both policies. Le.would this result in a surplus or shortage, and what would you call this? 5 pts. 3. Suppose that air pollution is a problem. a. Describe a "cap and trade" policy as a possible solution 8 pts b What, if any, externalities are addressed by this program. Include in your explanation whether these are positive or negative, and how the policy ameliorates them. +12 pts cWhat might be some drawbacks to this policy? 5 pts extra credit Your answers to the above should be complete enough to answer the question. You can use verbal, graphical, mathematical explanations in your answer. Your answer to #3 a, should be at least 125 words. You may use other sources, please note them. The text treatment of all the above is sufficient.See Answer
Q6: Suppose that following represents the utility function of the individual U(c,l)=log⁡(l)+c c, represents the consumption level of the individual and l, represents the leisure, while the market wage is w , non-wage income is v, and available time is T. Find algebraically and draw the Labor Supply function? b) Prove the validity of Slutsky equation for the individual with labor supply preferences as implicitly described above? (Please emphasize the income and substitution effects in your solution) Suppose that following represents the utility function of the individual U(c,l)=log⁡(c)+log⁡(l) c, represents the consumption level of the individual and l, represents the leisure, while the market wage is 10 and available time is 20. The followings are short run production functions for two firms operating in different industries with different capital structures. 〖F(L)〗_1=K ̅_1 √AL 〖 F(L)〗_2=Min{αG,〖AK ̅〗_2}+θ√L K ̅_1, represents the sector-specific capital employed by the firm 1, K ̅_2,represents the sector-specific capital, employed by the firm 2, while L represents the labor employed by the firm. Use r_1 〖,r〗_(2 )to represent the rental price of capital structures. w to represent the wage of labor, P_1 is the price of the good produced in the first industry and P_2 is the price of the good produced in the second industry. Assume that all markets (commodities and factor markets) are competitive, and labor are mobile across industries. G represents public infrastructure investment by the government and A represents the technology level. (Hint: G is fixed in the short run). Find and draw the the Value of Marginal Product for Labor for two firms? (5 Marks) b) Write down the profit maximization problem and derive labor demand curves for each firm? What is the employment (for labor) level for firm 1 and firm 2 ? c) Find the profit level for each firm? (5 Marks) d) Discuss the impact of public infrastructure investment ,and technological advancement on labor productivity and employment levels for each firm ? 5- “In partial equilibrium we analyze the single market, while in general equilibrium we analyze all markets together including factor markets. Labor market as one of the factor market will be affected and will be affecting all other markets.” i) Given the statement above, discuss the occurence of inflation followed by the taste shock on the labor supply (i.e. labor prefers more laziness)? ii) Discuss the consequences you referred above by emphasizing the short-run consequences versus long-run consequences ? iii) Given the fact that the globalization level of the country affects its adaptation to shocks on the labor market, how your answer to a) and b) would change if the country is globalized versus closed-economy ?See Answer

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