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Maria is a single mother. Every week she has 100 hours available to split between leisure and work. If she works, she can earn 20 dollars per hour.
(a) Write down the equation for her budget constraint and illustrate it with a graph.
(b) Suppose we want to improve her economic conditions with the following welfare program: the program provides an income guarantee of 300 dollars and a benefit reduction of 50 percent (for each dollar that she earns, the program reduces 50 cents on her benefit). Draw her new budget constraint.
If there is a permanent adverse supply shock
The company believes that the tractor units can be sold at the end of five years of use for 25% of the original purchase price. What is the maximum purchase price the company can pay for the tractor if it's after tax MARR is 12% per year?
Reed can work up to 5000 hours per year at $8 per hour. He does not have any non-labor income. Draw his budget constraint for leisure (L) and consumption (C). Suppose that Reed was working 3000 hours per year before the intervention. What do you thin..
The inverse market demand for a generic drug is P = 200 – Q, where Q is total market output and P is the market price. Two firms, 1 and 2, have complete control of the supply of the drug. Firm 1 has total cost equal to 20q while firm 2 has total cost..
measured in thousands of units and price (P) is measured in dollars per unit. The equilibrium quantity in this market it.
q1. bmme5103 2 forgone entrepreneurial income to be 10000 a year. she used 500000 in savings that earned 5 percent
The U.S. government strongly encouraged unions to be formed in the early 1940s because they held the view that unions would help to
Discusss the effects to the equilibrium price level and GDP. Make sure to address consumption, disposable income, and aggregate demand in your answer.
A company is considering buying workstation computers to support its engineering staff. In today's dollars, it is estimated that the maintenance costs for the computers (paid at the end of each year) will be $50,000, $60,000, $64,000 $70,000, and $80..
Suppose that a 10% decrease in the price of a product has resulted in a 30% increase in the quantity demanded for a product. Is demand elastic or inelastic in this price range? Explain and demonstrate using the elasticity formula.
What is the nomination and confirmation process for a Supreme Court justice? Make sure to discuss the individuals and levels of government involved, as appropriate. What factors can prevent a nominee from being confirmed? Here, you should reference s..
Based on the lags associated with fiscal and monetary policy, which one of the two tends to be more quickly implemented? Justify your answer in one paragraph.
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