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A needy family of a mother and three children currently receives cash benefits that average $12 per day. The mother of this family is allowed to earn an average of $4 per day before her benefits begin to decline. After that, for each dollar earned, cash benefits decline by 67 cents. Plot the recipient's money income-leisure tradeoff (budget) line under these circumstances. Assume that she can find work at $4 per hour. How many hours will she have to work per day before her benefits are eliminated? Assuming that her indifference curves for work and leisure are convex, show her equilibrium allocation of time between work and leisure per day. Show that it is possible to have more than one most preferred outcome.
What is the short-run equilibrium, real GDP and price level and does Japan have an inflationary gap or a recessionary gap? What fiscal policy can be used to correct this gap?
One of the most important skills to learn in managerial economics is the ability to identify a good business. Discuss at least four characteristics of a good business.
What is the optimal level of production of wine decanters? Verify that this level of output maximizes not minimizes profit
changes in monetary policyassume that the bank of ecoville has the following balance sheet and the fed has a 10 reserve
"When the British government tripled university fees for foreign students in Great Britain, about one-half of them left to study in other countries." What is the implied price elasticity of demand by foreigners for a British education is (in absolute..
Suppose you have just joined a regional investment banking company. They have offered you two different salary arrangements.
(a) Indicate whether this production function exhibits constant, increasing, or decreasing returns to scale. (b) Does the production function exhibit diminishing returns If so, when does the law of diminishing returns begin to operate.
Consider now the decision problem of the agents. Let n denote the number of hours per month that an agent works. Write an equation relating n and l. Write the agents budget constraint. Express the budget constraint in terms of c and l. State the agen..
The work involves close cooperation and coordination with other inside and outside of the department. Candidate A has exactly the experience required, but appears to be very unsociable. Candidate A has exactly the experience required.
If the price of one good changes, what part of the change in demand is due to the substitution effect, and what part is due to the income effect?
Assume that the following information about the economy is correct. The potential GDP is 3 percent. Real GDP has fallen at a minus two percent rate in the last 12 months.
Discribe in detail ONE factor of how government involvement in the marketplace can impact or not impact the economy.
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