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1). A poor person who has an income of $1,000 receives $100 worth of food stamps. Draw the budget constraint if the food stamp recipient can sell these coupons on the black market for less than their face value.
2). Under a welfare plan, poor people are given a lump sum payment of $L. If they accept this welfare payment, they must pay a high tax, t= 1/2, on anything they earn. If they don't have to pay a tax on their earnings. Show that whether an individual accepts welfare depends on the individual's tastes.
3). Suppose that Roy could choose how many hours to work at a wage of w and chose to work seven hours a day. The employer now offers him time-and-a-half wages (1.5w) for every hour he works beyond a minimum of eight hours per day. Show how his budget constraint changes. Will he choose to work more than seven hours a day?
which of the three funding measures would you support and why- what economic and societal factors affect the demand and pricing of healthcare services in today's market?
Consider the competitive market served by many domestic and foreign firms. The domestic demand for such firm's product is Qd=500-1.5P. The supply function of domestic firms is Qsd=50+.5P, while that of the foreign firms is Qsf=250.
Obtain Income elasticity of demand and Calculate the quantity demanded for goods 1 and 2 at these prices and this income level.
What is the average fixed cost of producing 2 units of output based on the following table:
Several eminent economists have defined this subject in accordance with their different understanding or realization of economic problems.
Derive the profit frontier, and explain why total profits fall as the firms redistribute profit between themselves by redistributing output.
Economists make decisions by thinking in terms of alternatives. Why do economists thinks there is no such thing as a free lunch?
Would the accumulation of historical prices and quantities exchanged in the market establish a long-run supply curve? How would the historical relationship differ from how firms (and economists) envision today's long-run supply in the industry?
Write down the difference between Equilibrium price and Equilibrium quantity. What role does elasticity place?
Discuss why will voluntary actions, undertaken at individual level, be unlikely to bring about significant decrease in greenhouse gases such as CO(2)?
What is the gross demand for consumption by a ICIW tribe member for pineapples in period 1? In period 2? For a GHN tribe member in period 1? In period 2?
Competitive industry, market determined price =$12, Output = 50 units, ATC = $10, Marginal cost = $15, AVC = $7-Is this firm making the right profit maximizing decision? If yes, why and if not, what should this firm do?
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