Suppose That All Workers Place a Value on Their Leisure

question 62

Essay

Suppose that all workers place a value on their leisure of 75 goods per day.The production function relating output per day Y to the number of people working per day N is
Y = 500N - 0.4 N²,
and the marginal product of labor is
MPN = 500 - 0.8 N.
A 25% tax is levied on wages.
(a)How much is output per day?
(b)In terms of lost output,what is the cost of the distortion introduced by this tax?

Recognize the role of reinforcement and its types in learning and behavior modification.

Identify the implications of learning theories for organizational behavior and management.

Understand the concept of antecedents and consequences in the context of operant conditioning.

Describe the process by which voluntary behavior is learned and modified.

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Definitions:

Cash

Money in the form of physical currency, such as banknotes and coins, which can be used immediately for transactions.

Post Dated Cheques

Cheques written with a future date, not valid or actionable until that date, often used to ensure future payments.

Money Orders

Money orders are a method of payment that allows individuals to transfer or send pre-specified amounts of money securely, often used as an alternative to checks or cash.