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The United States takes pride in free market system, freedom, and individual achievements, yet one of the major problems in dealing with any welfare program is the tension between individual and social responsibility - Medicare is no different. Should adult children be responsible for the medical expenses of their parents? Where does individual and family responsibility end and social responsibility begin? Discuss the main issues surrounding the high cost of Medicare and Medicaid and what can be done to contain the cost in coming years.
Consider a competitive industry in which each firm has the same production technology given by the production function q = K1/3L2/3, where K and L are two inputs and q is the amount of output. The unit price of K is $0.50 and the unit price of L is $..
The water is identical in the two sizes and John gets no utility from the containers themselves, only from the water.
Which measure of GDP represents changes in the quantity of goods and services produced in the economy, holding prices constant? Which of the following do we subtract from GNP to obtain NNP? Over time prices may change relative to each other, In order..
In an interview with Daron Acemoglu, he says "the hot money which was floating through Turkey has stopped after FED's declaration that we are going to give much more attention on monetary policy". Basically I know some fundamental things like monetar..
When we use the AFN equation, we assume that the ratios of assets and liabilities to sales (A0*/S0 and L0*/S0) vary from year to year in a stable, predictable manner.
Illustrate what is the minimum price necessary for this firm to produce any output in the short run.
1. if you are the chief economist of a country experiencing high unemployment and flat gdp what macroeconomic policies
Given a map of indifference curves and a budget constraint, show how a demand curve for a particular good can be obtained. Given a map of indifference curves and a budget constraint, show how an income-consumption curve for a particular good is obtai..
Consider the following sequential game. Firm A must decide whether or not to introduce a new product. Then, Firm B must decide whether or not to clone firm A's product. If firm A introduces and B clones, then firm A earns $1 and B earns $10.
What are microeconomic and macroeconomic issues that are likely to affect senior day activities over the next five years? What monopolistic traits does senior day centers have? What are the major economic applications can be applied to activity cente..
We have two individuals, A and B, who works 40 hours per week each. They each consume food and clothing. It takes each person 10 hours to set up the production of food, and thereafter it takes 1 hour per production of 1 unit of food. How many units o..
Find the optimal consumption bundle. Suppose that the consumer experiences an increase in real wage. Find the new optimal consumption bundle and determine the income and substitution eects. Clearly indicate both eects on consumption and leisure chose..
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