1. Consider the following 6 workers. Their names are in column (1) and their respective utility...

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1. Consider the following 6 workers. Their names are in column (1) and their respective utility functions are in column (2). a. The table. I've filled out Adam's row for you. Fill out the rest of the table. Round to the nearest 10th. (i.) (ii.) (iii.) (iv.) (v.) Derive the expressions for their marginal rate of substitution for each person and enter in column (3) Suppose that each of them has $100 in non-labor income. Calculate the reservation wage for each person and enter in column (4). Suppose each of them has $50 in non-labor income. Calculate the reservation wage for each person and entire in column (5) For column (6). Will this person work when the wage is $1 and non-labor income is $100? For column (7). Will this person work when the wage is $1 and nonlabor income is $50. 1 2 3 4 5 6 7 Number Utility MRS RW RW (V=50) Work of w = $1 Work if w = = $1 & V (V=100) & V=100? = 50? 1 Adam U = LC C/L 0.6 0.3 2 Beth U = LC 3 Carl U = LC 4 Dave U = L4C 5 Ellen U = L5C 6 Frank U = L6 C Total working when w = $1 & V = 100 Total working when w= $1 & V = 50 Yes Yes Reservation Wage 3.5 3 2.5 2 1.5 J 1 l r 3 4 56 Number of Workers 1. Consider the following 6 workers. Their names are in column (1) and their respective utility functions are in column (2). a. The table. I've filled out Adam's row for you. Fill out the rest of the table. Round to the nearest 10th. (i.) (ii.) (iii.) (iv.) (v.) Derive the expressions for their marginal rate of substitution for each person and enter in column (3) Suppose that each of them has $100 in non-labor income. Calculate the reservation wage for each person and enter in column (4). Suppose each of them has $50 in non-labor income. Calculate the reservation wage for each person and entire in column (5) For column (6). Will this person work when the wage is $1 and non-labor income is $100? For column (7). Will this person work when the wage is $1 and nonlabor income is $50. 1 2 3 4 5 6 7 Number Utility MRS RW RW (V=50) Work of w = $1 Work if w = = $1 & V (V=100) & V=100? = 50? 1 Adam U = LC C/L 0.6 0.3 2 Beth U = LC 3 Carl U = LC 4 Dave U = L4C 5 Ellen U = L5C 6 Frank U = L6 C Total working when w = $1 & V = 100 Total working when w= $1 & V = 50 Yes Yes Reservation Wage 3.5 3 2.5 2 1.5 J 1 l r 3 4 56 Number of Workers