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Prior to 1981, the government imposed only a 67 percent (instead of a 100 percent) marginal tax rate on income earned by a mother receiving AFDC. Draw the budget constraint before 1981 and after 1981. Draw the indifference curve of someone who prefers to remain out of the labor force under both regimes. Draw the indifference curve of someone who worked before 1981 but chose not to work after 1981. Show how, for this person, lowering the tax rate will increase utility, reduce costs to the welfare system, and increase labor supply. Finally, draw the indifference curve of someone who worked both before and after 1981. Show how, for this person, the lower tax rate affects AFDC costs and affects labor supply. What can you say about government policy if there are some individuals of the first type, some of the second type, and some of the third type?
If perfectly competitive firm chooses its level of output so that the price equals marginal revenue, the value of the marginal product of labor will equal the wage rate. True or false?
Draw a separate box diagram to show what the contract curve might look like if Aisha was concerned about very low consumption of food and clothing by Robin, but Robin was only concerned about his own consumption.
The marginal revenue curve of a monopoly crosses its marginal cost curve at $30 per unit and an output of 2 million units. The price that consumers are willing to pay for this output is $40 per unit. If it produces this output.
Given: 1 pound of fertilizer (F) produces 20 Spinach plants and 1 pound of Manure (M) produces 300 spinach plants. The price of F=$5 and price of M=$10. Suppose we want to produce 300 spinach plants at the lowest cost possible.
A construction company is considering procuring one of two types of heavy construction equipment (A and B). Each type of equipment is expected to have a 5-year useful life with zero salvage value. Equipment A can be purchased at a cost of $30,000,..
(Changes in Government Purchases) Assume that government purchases decrease by $10 billion, with other factors held constant. Calculate the change in the level of real GDP demanded for each of the following values of the MPC. Then, calculate the c..
(a) If full employment occurs at real output of $880, how large is the real GDP gap (b) How large is the AD shortfall ( c) What will happen to the price if AD increases enough to restore full employment Inflation (d) Assuming MPC=0.75, how will macro..
a riskadverse manager is considering two projects. the first project involves expanding the market for hotdog the
where L1 is the number of workers employed in Sector 1 and L2 is the number of workers employed in Sector 2. The total number of workers in the economy is 1,000. The only difference between the sectors is that in Sector 1 workers are paid their ma..
To quell outrage over tuition increases, the collage places $55 limit on the price of textbooks. How many textbooks will be sold now C. while the price limit is still in effect, automated publishing increases the efficiency of textbook production.
Sam is subject to a 40 percent tax on income, and her after-tax income is 90,000. Now suppose the government permits her to deduct her contributions (to oscar0 from her income before the 40 percent tax rate is applied. How will this deduction affe..
Calculate the short run supply curve for a representative firm as a function of price
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