Angela’s and Alexei’s Case Study - Time and Grain Production - Economics Assignment Help

Assignment Task :
 

Q1 TOPIC SUMMARY
The following figure shows GDP per capita and annual hours worked in France, the Netherlands, and the US over the years of 1870-2000.

(1) Describe the over-time trends of annual hours worked and GDP per capita commonly shown in the three countries.
(2) Compare the three countries in terms of their annual hours worked and GDP per capita in 2000

Q1 TECHNOLOGICAL CHANGE
(1) Consider Angela from the week 4 lecture, a self-sufficient farmer who experiences a technological improvement which allows her to use better harvesting machinery, as illustrated in the diagram. Explain how the technological improvement alters Angela’s feasible set of free time and grain production. 

(2) Consider Alexei, a worker who currently makes $15 per hours experiences a wage increase. Draw a diagram to illustrate how a higher wage alters Alexei’s feasible set of free time and consumption.

(3) Compare the slopes of Angela’s and Alexei’s feasible frontiers as they increase their working hours. Explain the difference.

(4) On Alexei’s diagram, illustrate and explain how the wage increase can lead him to have:

• more consumption and more free time

• more consumption and less free time

• less consumption and more free time

(5) Is Alexei better off as a result of the wage increase?

(6) What does Alexei’s diagram tell us about our answers to Q1?

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