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Martha has a job in which she earns $30 per hour. She values Income (Y) and Leisure (I). She has 400 hours a month available to spend working or at leisure. Her utility function is U(I,y) = I.4y.6 which implies that the MU of I is .41-.6y.6and MU of Y is .61.4y-.4.
a) How many hours a month does Martha work? What is her income?
b) The government institutes a welfare program that guarantees individuals $2000/month. The guarantee is phased out immediately with the first dollar of income earned. How many hours does Martha work? What is her income?
c) The government revises its welfare program so that the phase-out rate is 1/3. Every dollar earned working lowers the transfer from the government by 1/3 dollars. How many hours does Martha work?
You are asked whether current antipoverty policy meets three generally accepted goals of helping, preserving work incentives, and minimizing cost and what changes you would favor and why.
Employment also labor law influences as the organization grows both domestically and internationally
Discuss the immediate effects of the following events ondemand or supply in each respective market. Assume eachmarket is perfectly competitive. Indicate if you think demandor supply will shift right or left. Discuss how any shift indemand or supply w..
A nonprofit agency sets up a website to channel investments from all over the globe into microloans to support local farms, artisans, and other small businesses in developing nations. Which of the following would be a positive externality for the ..
If the local car wash changes its price for a supreme wash from $13 to $16 and the number of customers change per day from 50 to 40, what is the price elasticity of deman for this service? Is the demand for this service relatively elastic or rela..
Price discrimination tends to be more common in the sale of services (e.g., discrimination by income for universities and by age for air transportation services) than in the sale of manufactured goods. Why do you think this is so?
The intent of this week exercise is to familiarize with EXCEL and to gain experience and practice in interpreting the output generated by most statistical packages (EXCEL) when linear regressions are run on a set of data.
Suppose that society decided to reduce consumption and increase investment. A) how would this change affect economic growth B) what groups in society would benefit from this change What groups might be hurt
Assume the forex market equilibrium is given by i = ((i/E) - 1) + .1, where the two foreign return terms on the right are expected depreciation and the foreign interest rate. What is expected exchange rate? Solve for the IS curve: obtain an expres..
Paradox Dental, Limited., enjoys a local monopoly in provision of oral examination services in Tuskegee, Alabama. Total and marginal revenue relations for standard procedure are:
Utilizing an aggregate supply and aggregate demand diagram, show why this self-correcting process involves only temporary periods of inflation or deflation.
A firm in a perfectly competitive market invents a new method of production that lowers its marginal costs. what happens to its output or what happens to the price it charges.
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