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The government of Arendelle is considering providing a social unemployment insurance program. In particular, they are considering two options: the first would pay any worker who loses her job $100/week for a year, and the second would pay $600/week for a year. Both would be financed by collecting a tax from workers that keep their (full-time) jobs—for the first option, the tax would be $25/week, and for the second option, the tax would be $150/week.
Calculate the expected utility of both types of workers under each program, as well as in the absence of an unemployment insurance program. How do the workers rank the possibilities? Explain your answer in terms of redistribution and risk aversion.
Now assume that if laid-off workers receive unemployment benefits of $600/week, they will choose not to work part-time. How does this affect the expected utility of the workers under this program?
Suppose a firm sells 20,000 units at a price of $10, but sells 40,000 units at a price of $8. Calculate the price elasticity of demand over these prices using the arc interval formula. Determine if the price elasticity if demand is elastic, inelastic..
If the Fed pursues expansionary monetary policy
Suppose that the pre-tax price of cigarettes is $3.00 per pack and the post-tax price of cigarettes is $4.00 per pack. The tax is $1.50 per pack and is paid by the retailers of cigarettes to the government. Six hundred packs were sold prior to the ta..
Find out statistics on the web from 2004 to present on following indicators of the macroeconomic conditions of the U.S. economy.
Is it necessary to register a trademark? What are the benefits to registering a trademark? What distinguishes a trademark from another symbol or group of words?
Which of the following is the best example of a monetary target that a central bank might adopt as monetary policy conduct?
Real median family income in the U.S. has ______________________. (LO1, 2)
For a course in international trade, our professor touched on the idea of immiserizering growth. He emphasized that immiserizing growth was a theoretical outcome from specialization of trade and did not provide the class with examples on the global m..
Suppose you have $120 to spend on food and clothing. The price of food is $4 and the price of clothing is $8. a, Graph your budget constraint; calculate the slope of it. b, Briefly explain why your optimal choice is the point at which your budget con..
Suppose you had an initial price of 32. Using the midpoint formula for the elasticity of demand, you determine that demand is unit elastic. What was the new price?
Queen Elizabeth has decided to auction off the crown jewels, and there are two bidders: Sultan Hassanal Bolkian of Brunei and Sheikh Zayed Al Nahyan of Abu Dhabi. The auction format is as follows: The Sultan and the Sheikh simultaneously submit a wri..
If bond traders expect that an economy is sliding into recession, they ________ in anticipation of ________.
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