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Demographic economics

Everyone is endowed with 168 hours in a week (24X7). If you work 40 hours or less,
you w=$20 per hour. If you work overtime, you earn w=$25. Assume the worker has
M= non-labor income and that the price of the consumption good is p.
Draw the budget constraint. Label the intercepts and the slopes in both the overtime
and non-overtime region.
Draw the BC for a household where the primary earner makes Y and the secondary
earner makes w per hour.
(a)How would a lump sum tax to the primary earner affect the BC?
(b)How would a tax on hourly wages affect the secondary earner if home production
is normal? What about if home production is inferior? What about if it’s Giffen?

b) Define youth dependency ration, old age dependency raion, total

dependency ration.

(c) What is a backward bending labor supply? Is it more likely to occur in

response to changes in the earnings (w) of the primary or secondary


(d) Suppose that there is a tax rate on both the primary and secondary

earner. What happens to the labor supply of the secondary earner?

(e) Define stable population

(f) When mortality declines, does the population necessarily get older?

Why or why not? What are the conditions under which the population

will be getting older?

(g) In the household labor vs home production model, if the earning of

the primary earner increases, under what conditions will this income
effect lead the secondary earner to work more hours?

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