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As you know, the Affordable Care Act expands coverage for low-income US citizens by giving them access to Medicaid. As you also know, not every state has taken advantage of this Medicaid expansion. What economic argument can you make for expanding Medicaid? What argument would you make for not expanding? Does the answer change if you're answering from a state level vs. federal level?
Many of the proponents of price ceilings argue that government-mandated maximum prices, such as rent controls in New York City, simply reduce producers' profits and do not affect the quantity supplied of a good on the market. If the relevant supply a..
A few years, the price of New York City taxi medallions hit $1,000,000. What do you think was behind the increases in the price of New York City taxi medallions? Is that a problem for the city? Should the city intervene in the market for these medall..
Dairies make low-fat milk from full-cream milk. In the process of making low-fat milk, dairies produce cream, which in turn makes ice cream. In the market for low-fat milk, the following events occur: Explain the effects of each of the above events o..
In 1800, the federal bureaucracy was relatively small with only a few thousand employees. Describe how the bureaucracy grew from a few thousand employees to the size it is today. Also, discuss how the bureaucracy is organized and how government emplo..
tate in words and show with a graph the effect of the following events on equilibrium price and quantity of the market given. Assume you live in an economy that has a population of 2,000,000 people over the age of 16. The labor force in your economy ..
Rather than the short run effects of decreasing government spending, allow a self correcting economy to bring the model back to equilibrium, the government decides to act to eliminate the output gap through monetary policy. Explain how the government..
Your product fails about 2% of the time, on average. Some customers purchase the extended warranty you offer in which you will replace the product if it fails. Would you want to price the extended warranty at 2% of the product price? Discuss both mor..
What do each of the following areas tell us about the recent health of the economy? Corporate profits, Labor force and the unemployment rate, and C. The consumer price index and its components
q.hardwood cutters presents seasoned as well split fireplace logs to consumers in toledo ohio. the low-cost provider
Elucidate what happened to Ikonomia's net foreign assets during 2007. Did it acquire or lose foreign assets during the year.
Suppose the demand for a new pharmaceutical drug, on which the manufacturer has a patent monopoly, is given by: Q(P,A) = (100 – P) ·A^0.5. Calculate the profit-maximizing price, advertising expenditure, and profits for the firm.
A service station owner in Staten Island, NY, was worried that raising the price of gasoline would cause the quantity demanded to fall by so much that he would be in a worse situation than if he did not raise the price.
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