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Econ 325 Mathematics & Economics Coursework Research (Coursework Sample)

Instructions:

Complete the attached homework. Show all work and explain answers using complete sentences and appropriate graphs or models for full credit.

 

12:22aA i moodle.nicholls.edu CjEcon 325 Fall 2020 Homework 1
1) Listen to the podcast episode “The Magic Bureaucrat” (which I have posted on Moodle). (a) What is one unexpected thing that you learned about AFDC/TANF from listening to it? (b) Why was this fact surprising?
2) Consider the following budget constraint and indifference curveHAt point B, how would a utility maximizing worker modify his or her labor-leisure decision?
3) On January Is', 2020, the rules governing the Fair Labor Standards Act changed so that salaried workers who make up to $35,568 per year are no longer exempt from overtime pay, an increase from the former level of $23,600. This means that salaried workers who make less than $35,568 per year now have to be paid overtime for hours worked over 40 hours in a week, (a) Assuming a worker may select their own hours, and was previously optimizing at 40 hours a week, show the effect this change would likely have on the optimal quantity of labor supplied for a salaried worker who makes between $23,600 and $35,568 per year, (b) If this employee is restricted to 40 hours a week to avoid paying them overtime, are they likely to feel more overemployed or underemployed after this rule change? Explain.
4) Assume that a government program pays a basic benefit of $200 a month, and has a benefit reduction rate of 0.12. What is the break-even level of income?

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Content:

Econ 325
Fall 2020
Homework 1
1) Listen to the podcast episode “The Magic Bureaucrat” (which I have posted on Moodle). (a) What is one unexpected thing that you learned about AFDC/TANF from listening to it? (b) Why was this fact surprising?
One of the unexpected things is that messaging on the need for the welfare recipients to get jobs their earnings and standards of living tended to increase only, but only in the short term as there was a strong market for the lowly paid jobs compared to those did not first get a job and were focused on education first. This was surprising as there have been different ineffective welfare reforms targeting the reduction in absolute poverty in America. The “jobs first” stance was successful as the economy had many low paid jobs and in the long run those who went to train and get more skills had better wages and standards of livings Thus, merely focusing on people on getting any job regardless of pay and ability to earn higher wages does not address the welfare problem. The podcast highlights that in the past 20 years, the number of families living in deep poverty below at $ 2 per day is rising any of them do not receive welfare.

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