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Consider an economy with three equal sized economic classes: the poor, the middle class, and the rich. At currently prevailing prices, the rich buy new houses and after 20 years sell them to the middle class. The middle class buy 20 year old houses and after another 20 years sell them to the poor. The poor buy 40 year old houses and hold them for another 20 years at which point the units are retired. Suppose that, in an effort to make housing more affordable, the government provides a rental subsidy for the occupiers of units more than 20 years old.a) What are the likely effects of this subsidy on the price of housing units more than 20 years old and the price of housing units less than 20 years old?b) How might the behavior of the three income groups change in response to these price changes?c) Which groups are likely to benefit from this subsidy?
Explain the relationship between the Magpie and the Eagle and explain what would be the effect of a 10% increase in the income of the target market have on the demand for the Magpie
Assume that the typical household behaves according to Irving Fisher's two-period model, that consumption in both periods is a normal good, and that households are initially savers. Explain using a diagram how a tax cut in period two affects co..
A. calculate the price elasticity of demand between each pair of prices ($5.00 to $4.50, and so on). b. what happened to Ed as price falls? why does this occur? c. What factors affect Ed?
The text offers two reasons why private investment might be better for poor countries than assistance tendered by foreign governments or international agencies. One is that technical assistance often comes along with private investment as part of the..
Equations describe an economy.
What level of output will these firms produce in the short run and are these firms operating under perfect or imperfect competition?
using diagrams the likely effect on the market for traditional butcher servicesdraw a diagram that shows the main
The Hawaii Department of Transportation has planned a bypass loop that is expected to cost $9,000,000 and save motorists $820,000 per year in gasoline and other automobile related expenses.
Mick and Kelly are deciding how to split their time between writing music and lyrics for their new album. Their PPFs for 72 hours of work are shown below. . Mick and Kelly have to write music for 8 songs and lyrics for 12 songs (4 songs already h..
(A)If the production function is AK and the savings rate is the constant rate "S", and the rates of depreciation and population growth are d and n respectively, what would the growth rate of the economy be
Discuss the characteristics of monopolistic competitive market in detail. Name five different companies that belongs to this market. Compare and contrast monopolistic competitive market with Oligopoly.
The demand for new motor homes in the US is highly cyclical and sensitive to diesel fuel values and interest rates. Given these characteristics, explain the effect of the following on quantity demanded
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