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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).
Illustrate what is the marginal revenue product function. Assume which most workers in Pakistan work 48 hours per week also which there are four weeks in a month.
While waiting for their buses to leave, they decide to browse your school bookstore and buy some items that catch their eye. How would this affect the store’s inventories?
Illustrate what would be effect of policy described in part (c) on economy's stability over business cycle.
Explain how does marginal analysis affect goods and services, efficiency, equity, and on market economy.
Illustrate what are the implications of savings and population growth at steady a state in the Solow's neoclassical growth model.
Find ticket price that maximizes revenue. Find profit-maximizing expenditure on players and profit-maximizing fraction of games to win.
Given a binomial random variable with n = 60 and p = 0.36 find the probability of obtaining between 25 and 35 successes inclusive, to three decimal places.
Elucidate the reason Explain why a competitive firm should stop producing immediately if the price is lower than the average variable cost.
hould the measure of imports used in the GNP accounts therefore be defined to include only imports of FINAL goods and services from abroad. What about export.
Illustrate what was the impact on the supply also demand of labor on one sector of the labor market. Elucidate the factors which affected labor demand also labor supply in the chosen historical example.
If the reserve requirement is changed to 5 percent, Explain how much can First Bank lend and by Explain how much can the money supply be expanded.
Involuntary unemployment at this wage. If so, how much. Illustrate with a diagram. What if minimum wage is set at 40,000.
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