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Suppose you decide each month how much of your disposable income to spend on health insurance and on other goods. Suppose that both “health insurance” and “other goods” are normal goods. Each unit of health insurance costs $10, and your monthly income is $3000.
The government gives everyone a voucher good for $500 of health insurance per month. [You can buy additional health insurance on top of that at the $10 price.]
A government critic slams the new policy, saying, “Instead of a voucher, they should just give out $500 cash.” Give one reason why you agree, and one reason why you disagree. (State each reason in 3 lines or fewer)
Compute both Burton Cummings's explicit costs every month also his implicit costs every month. Compute the opportunity cost of the resources utilized by Burton Cummings each month.
Provide summarized but full discussion of the case in favor of restricting trade. Using a simple model, present the benefits of trade negotiations for countries in today's global economy.
Illustrate what were you thinking about the economy in 2005 and did you ever foresee a crisis of this magnitude. What policies could you have suggested to avoid the impending economic crisis.
Explain how the introduction of distance learning technology can be expected to affect the elasticity of demand for college professors.
The discussion of the multiplier in the last chapter shows how a change in autonomous spending increases real GDP by a multiple of itself. For example it the multiplier is 4 and the change in autonomous spending is $100, and then the real GDP is $400..
All of the following statements apply to a purely competitive market in the long run, except: Which of the following is true of normal profits? The long-run supply curve would be perfectly elastic when: Which of the following statements about a compe..
If stakeholders are wrestling with implementing a price increase for some or all of their products in the healthcare industry. What are some factors they should consider? How is this related to healthcare price elasticity?
Illustrate what is the expected value of your earnings from investing in General Motors stock.
In the last year, China’s economic growth has slowed substantially, but is still faster than that of the U.S. or Europe. Based on this information, what impact has that had on China’s currency? “For an investment in a foreign-currency denominated fi..
A firm uses third-degree price discrimination to sell the same cologne under two different labels. The price elasticity of demand for `High Class' is -1.25. The price elasticity of demand for `Splash-This-Stuff-On' is -2. Which one of the following s..
A stranger approaches you in the hospital parking lot and identifies himself as a lawyer who would like to help people and he would like to give you some of his business cards to hand out to patients who are not happy with their medical treatment; he..
The Chicago Board of Trade voted to create a private market for right to emit sulfer dioxide. The Clean Air Act of 1990 established a limit, beginning in 1995, on total emmissions of sulfer dixoxide from 110 power plants. Given that firms can exceed ..
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