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Suppose a single parent can work up to 16 hours per day at a wage rate of $10.00 per hour. Various income maintenance programs have been developed to assure a minimum level of income for low-income families, such as Aid to Families with Dependent Children (AFDC). One of the problems with AFDC is that benefits were reduced by $1 for every dollar earned, which creates a no-work incentive for those who are eligible. An alternative income maintenance program is Temporary Assistance for Needy Families (TANF), which also offers a no-work benefit but a smaller reduction in wages for every dollar earned. The subsidy ends when the money income with program participation equals the money income earned without the program. A simplified version of this type of program is one that would give this single parent a $40 grant accompanied by a benefit reduction of 75 cents for every dollar earned.a. Draw the daily budget constraint without any program participation for the single parent described above.b. On the same graph, draw the daily budget constraint under TANF for the single parent described above. At what level of money income does the subsidy end? How many hours of work would this be? Discuss the effect of program participation on work incentives.c. On the same graph, draw the daily budget constraint under AFDC for the single parent. According to AFDC, the family was given an income subsidy depending on family size and the family's benefit was reduced by $1 for every dollar earned. Suppose the maximum subsidy forthe single parent is $40.d. Compare the effect of the TANF program on work incentives compared to the AFDC program
The intensive development effort needed to expedite the introduction can be very expensive. Revenues and costs associated with the new product
Calculate the BIC with the command estat ic and what is the difference between the predicted values and actual for the AR(1), AR(2) and AR(3) models.
Dr. Izobel Stevens is physician at the Westbury HMO, a New York City based medical facility serving the poor and indigent. Stevens is estimating the cost effectiveness of a preventive maintenance event,
Discuss forecasting and explain why is it so important in the management of business firms and other enterprises also determine the different types of forecasting?
If a person borrows $12455.37 and agrees to pay it back in 60 monthly installments of $550.55, determine a) effective interest rate paid (corresponding with payment frequency units). b) nominal interest rate paid. c) effective annual interest rate pa..
What is meant by the term, path dependency and discuss how path dependency has effected the development of two major Australian economic institutions.
Let X denote the reaction time, in seconds, to a certain stimulus and Y denote the temperature (F) at which a certain reaction starts to take place. Suppose that the two random variables X and Y have a joint density function f(x,y)= y, 0
a. Calculate net exports. b. Use the expenditure approach to calculate GDP. c. Use the income approach to calculate GDP. d. Calculate net domestic product (at factor cost). e. Calculate net domestic income (at market price..
This answer give vital hints on why the Federal Reserve establish general and specific rates of interest. This explains the recent tools the Federal Reserve has used to influence the United States economy.
Compute the elasticity for each variable and briefly comment on what that data gives you in each case.
An Economics section at a large university keeps track of its majors beginning salaries. We address the question of the value of taking econometrics
Would an HMO entering the Medicare market expect to experience favorable or adverse selection?
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