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Consider an income guarantee program with an income guarantee of $5,000 and a benefit reduction rate of 40%. A person can work up to 2,000 hours per year at $10 per hour.
1. Draw the person’s budget constraint with the income guarantee. Be sure to place appropriate labels similar to those found in the slides/lecture.
2. Suppose that the income guarantee rises to $7,500 but with a 60% reduction rate. Draw the new budget constraint. Make sure it is visible.
3. Which of these two income guarantee programs is more likely to discourage work? Explain briefly.
Bank is willing to let business have an intermediate-term loan of $50,000 for five years at an interest rate of 6.5 percent. Estimate monthly payment and elucidate where taking this loan is a smart business decision.
As an advisor to the project manager, Derrick Westmuller, illustrate what set of procedures would you advise they adopt.
Suppose that initially the money supply is 2 trillion the price level equals 2 the real gdp is 4 trillion in base year dollars and income velocity of money is 4 . Then suppose that the quantity of money in circulation remain fixed but the income velo..
In a single-payer system, the government covers the cost of. Canada is able to provide medical care to all its citizens through
In the book, American Nations by Woodard, The union of States was quite fragile in the late 18th century and early 19th century with strong regional rivalries and cultural differences between Yankeedom and neighbors to the South, especially Tidewater..
Why might federal spending on roads, waterways, or national security be less subject to direct expenditure offsets than spending on health care or education?
If an individual’s labor supply curves slopes forward at low wages and bends backward at high wages, is leisure a Giffen good? If so, is leisure a Giffen good at high or low wage rates?
Further assume that they are not able to ‘collude' on price and quantity of premium digital channel subscriptions to sell. How much profit will each firm earn when this market reaches Nash equilibrium.
Matthew's utility function implies that the marginal utility of bananas is 0.5 √X/Y and the marginal utility of ham burgers is 0.5 √Y/X. How many bananas will Matthew buy? How many ham burgers will he buy?
Several soft drinks and juice companies are planning to put their names on fresh food and many of their initial forays will be in produce. (For example, Dole introduced freshly packaged salads with croutons and dressing). Discuss 2 challenges that co..
Consider the market for music downloads. The market demand curve is given by P=10-(1/6)Q. Where Q is the number of downloads sold per hour and P is the price per download. Apple is the dominant firm in this market with constant marginal costs MC=6.
Machine X has an initial cost of dollar 10,000, annual maintenance of dollar 500 per year, and no salvage value at the end of its 4-year useful life. Machine Y costs dollar 20,000. The last year there is no maintenance cost. The second year, maintena..
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