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Suppose that doctors’ visits cost $20, and the typical consumer has an income of $100. Consumers spend all of their incomes on doctors’ visits and a composite good that costs $1 per unit. a) Draw a graph that illustrates the consumer’s budget constraint, putting doctor’s visits on the horizontal axis. Make sure you indicate the horizontal and vertical intercepts. Now, suppose the local government is considering two health plans. Under plan A, the government will give out vouchers worth 2 free visits to the doctor. Under plan B, the government will give out four 50% coupons to be used at the doctor’s office. b) Draw the new budget constraint the consumer faces under plan A. c) Draw the new budget constraint the consumer faces under plan B. d) For whom is the choice of plan A or plan B not likely to mat- ter those who are quite well, or those who are quite sick? (Hint: Superimpose some indifference curves on your budget constraints.) e) Which plan would someone who is generally well be likely to choose, if offered a choice? 2 Comments
Illustrate what is the maximum amount by which funds provide can be increased as a result of bank A's new loan
Consider decision making process used by consumers as they budget their money to maximize use of their resources.
If you have to make a random guess and there are four possible answers, what is the expected value of guessing?
What kind of unemployment do many commentators propose is dominant following the Great Recesison? Explain what’s going on here.
You purchased a bond for 9500 dollars. The bond matured in 4 years and you sold it for 111,000 dollars. The par value (face value) of the bond was 10000 dollars. Interest payments were made every 6 months. The personal rate of return you received (so..
The economy has recently turned around, and one of your colleagues suggests that you could hire 25 people for $50,000 per employee to do the sales job as independent agents at a cost of goods sold (COGS) of only 0.5%. What concerns might you have abo..
q1. manipulate demand of price elasticity. suppose that 50 units of a good demanded at a cost of 1 unit. a reduction
Health insurance companies are oligopolies, and one of the criticisms of oligopolies is the adverse impacts these firms have on income distribution. Discuss in relation to the policies and practices of health insurance companies.
gricultural markets are often cited as exhibiting the characteristics of the perfect competition market structure. Does farming fit this model? Use the key word ECONOMIC NEWS in an Internet search engine (Google, Bing etc.) to locate online news sour..
We see the U.S. tends to import more goods than they export. Regardless of the imbalance of trade the U.S is still an economically competitive country. Do you think trade is just a small component of what makes a country economically successful?
The demand for luxury goods is more price elastic than is the demand for necessities. Why do you believe this is the case or if you disagree explain your reasoning?
Suppose that, for the population of all entering freshmen, the distribution of the number of correct answers would be normal with a variance of 250. what is the probability that sample variance would be less than 100?
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