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Problem: The "New Hope Project" in Milwaukee, Wisconsin is a program for low-income families. If the head of the household works at least 30 hours per week the program provides an income subsidy to bring the family's weekly income up to the poverty line. If the head of the household works fewer than 30 hours per week then no income subsidy is provided.
Required:
Question 1: Plot an individual's leisure-income budget constraint with and without the program.
Question 2: An evaluation of the New Hope Project suggests that program participants worked more than eligible non-participants. The study was carefully done (with random assignment to treatment and control groups); therefore, a reasonable interpretation is that a given person would be likely to work more under the program than without the program. Draw a set of indifference curves for an individual consistent with these findings.
What will be his optimal consumption choices of beer and cheese given the original prices of Pb=$2 and Pc=$5 and income =$500? How much income is spent on beer? How much on cheese?
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