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1. Consider the welfare program (Such as food stamps) with benefits that decrease as an individual's income increase. Draw the individual's budget constraint with and without the subsidy. (*Put hours of work on the horizontal axis, and income on the vertical axis). Use the diagram to illustrate how work incentives are reduced and how a fixed dollar subsidy could lead the individual to the same level of utility at lower dollar cost.
2. Assume you were particularly concerned with the welfare of children. How would the affect the kind of welfare programs you might support or how you might design your welfare programs?
One of the more confusing topics in economics is the difference between consumer demand and the quantity demanded. Consumer demand is the entire schedule for the demand of a good for all consumers at every price, typically represented by a downwards ..
1) Draw an "aggregate supply-aggregate demand" diagram that shows an economy suffering from high levels of unemployment.
If elasticities for a bottle of water are -0.8 and -1.2 in two different locations and marginal cost is the same, which location is likely to charge higher price for the bottle of water?
Assume that the 12% rate used in problem 2 is a constant dollar rate (i’). Now discount your end of year cash flows from problem 10 by inflation (f=4%) and re-compute your IRR’ and NPW’. What is the market interest rate (i)______________ IRR’________..
Does the Tragedy of the Commons apply to real life? (At the beginning of every example, explicitly state: what is the commons and what is the tragedy.) If not, explain why not and give two examples. If so, cite two examples of where and how it applie..
A market has a demand curve described by P=30-Q, a supply curve described by P=16+Q, and a price ceiling of 20. Calculate the Total Surplus of the market with the price ceiling
Which of the following is not a valid point in debating the merits of increasing government expenditures or cutting taxes during a recession?
Competitive Market Surplus. Suppose demand and supply conditions in the competitive market for unskilled labor are as follows: P = $15 ? 0.3QD (Demand) P = $3 + $0.1QS (Supply) where Q is millions of hours of unskilled labor and P is the wage rate pe..
You decide in May that the coming summer's corn crop will be much larger and the fall corn price consequently much lower than most people expect. To act on your beliefs, should you buy or should you sell December con futures?
An engineering student will graduate this year with a BS degree at the age of 26. He expects to make $ 60,000/ year for the rest of his career. Enroll in a master’s degree program and pay full tuition at $ 40,000 and graduate in one year. Make a deci..
Suppose a customer is able to consume the following bundles of rice and beans when the initial price of rice(x) is $5 and the initial price of beans(y) is $10. This consumer's initial income is $100 dollar. Draw the budget contraint of the consumer.
Using the fundamental equations from the general monetary approach, describe how each of the following will affect the home and foreign price level, real money balances, and the exchange rate, EH/F in the long run. Also, state whether the home curren..
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