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Down and Out ("Down and Out in Paris and London" by George Orwell) are a nice couple with nice manners but they've got no money at all ("Nice People", a famous English song of Flanagan and Allen from the Great Depression). They both receive welfare checks of $500 a month, which they can spend on housing and other goods. Each unit of housing costs $1 in the free market, as does each unit of other goods. Down and Out are eligible to receive a public housing unit, which provides them with an apartment that would cost them $1000 per month in the free market at a rent of $500 per month. Draw their budget set (the combination of housing and other goods that they can afford) in housing-other goods space. (Thus, housing is on the x-axis and other goods are on the y-axis).
Elucidate using a diagram the substitution also income effect which would result from a change in the price of a normal good.
Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. d. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.
Elucidate the capital budgeting process. Comment on the key elements used to gauge capital projects. Evaluate capital investment decisions by using time-value-of-money yardsticks
Assume that your household gets a machine that cost Lesley provides you with food. Illustrate what would that do to your labor supply.
what is the probability that sample variance would be less than 100? what is the probability that sample variance would be more than 500.
Elucidate with an aid of a diagram , the effect on prices and output if households decide to spend a large share of their income.
Which policy monetary or fiscal would be more appropriate to improve the situation. Explain your choice clearly using figures.
Show how each of the following would initially affect a bank's assets and liabilities.
Wal-Mart is often criticized for importing many of the goods they sell. Why do they buy goods from foreign markets.
When she hired a fourth worker, her total product increased but by only 1,000 bullfrogs. Yolanda pays $1,000 a week for equipment and $500 a week.
Describe the shape of the average total cost function and also label the minimum point on the curve.
If the EU and the United States continue to trade what do you think will characterize goods which the EU exports to the United States and the goods that the United States exports to the EU.
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