Ten Workers Work Jointly on a Project

question 10

Multiple Choice

Ten workers work jointly on a project.All 10 workers are equally skilled.The total value of the output produced is $60 times the sum of the number of hours worked by all 10 workers.Each worker's utility is equal to his income minus the square of the number of hours he works.Each worker is selfish.The employers have no way of keeping track of any individual's work effort, so they decide to let each person work as long as he wants to and they divide the total value of the output equally among the workers.How much income will each worker get?

• A)$1,800
• B)$180
• C)$30
• D)$195
• E)None of the above.

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Definitions:

Electronic Funds Transfer Act

A federal law that protects consumers engaging in the transfer of funds through electronic methods, ensuring their rights and establishing responsibilities for institutions.

Revised Article 4

An update or amendment to a section of the Uniform Commercial Code dealing primarily with bank deposits and collections.

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A financial instrument, such as a check, with a date in the future, indicating when it becomes payable.

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The bank upon which a check is drawn, responsible for paying the check amount to the payee or bearer.