Contrast the two types of sub-optimal labor supply — underemployment and overemployment.

A) Contrast the two types of sub-optimal labor supply — underemployment and overemployment. Which of these two sub-optimal states would YOU consider to be relatively more negative for a household’s utility level? for social well-being?
B) Contrast the net effect on individuals’ desired labor supply if the legal overtime pay premium for (mostly hourly-paid) workers covered by the law was reduced from the current time-and-a-half (1.5x) premium rate after 40 hours in a week down to only time-and-a-quarter (1.25x) but after 35 hours week?
C) Contrast why some some households would be substituting for “time-intensive” with “goods-intensive” production activities? Briefly, how might this relate back to the historical, underlying motivations of people to work (for pay)? Provide an example of one type of household production or one household consumption time-use/activity that you would most likely choose to allocate one less hour on this coming March 13, the day when we “lose an hour.” Why?

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