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Economists usually do not favor subsidies on specific products or in-kind payments to help low income people. This is because
A. in-kind payments suggest that the poor person does not have an indifference curve pattern from which to make choices.
B. a subsidy means that the recipient does not face a budget line anymore and therefore can not maximize his welfare efficiently.
C. the poor person could have increased utility if the same money used to subsidize a product would be given to them to use as they choose.
D. economists are individualists who believe that helping the needy makes them dependent.
A city is spending $20 million on a new sewage system. The expected life of the system is 40 years, and it will have no market value at the end of it life. Operating and maintenance expenses for the system are projected to average $0.6 million per ye..
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Compute the resulting equilibrium price quantity combination for every industry. Illustrate your answer with a suitable graph.
New buses for a mass-transit agency cost $10 million and are expected to last for 10 years with a $1 million salvage value. The buses cost $500,000 to operate and maintain each year. If the system is used for 624,318 trips per year, with the average ..
Illustrate what is the equilibrium to this game.
Which of the following situations is likely to involve adverse selection?
Illustrate the effect of capital formatin by comparing the production possibility curves, at the present time and ten years in the future, for two economies, one with a high and the other with a low rate of capital formation.
Ear Us production function is Q=KL. The company over the years uses input rates of 60 and 75 for capital and labour respectively. The price of capital is $40 and labour is $35 per ear phone. If $58000 is allocated to production, what is the maximum o..
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In an annual worth calculation, the capital recovery portion consists of all the following EXCEPT: The Mean lifetime is 5900 hours and the standard deviation of the lifetime is 700 hours. What is the probability that a component will function for a t..
The White Company is a member of the lamp industry, which is perfectly competitive. The price of a lamp is $50. The firm’s total cost function is TC = 1,000 + 20Q + 5Q2 where TC is total cost (in dollars) and Q is hourly output. What is the firm’s ec..
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