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Problem
Imagine a person who makes $400 per week working 40 hours per week for 50 weeks of the year. She is currently eligible for a welfare program, available to people with income below $21,000, that gives her $800 a year. No such program is available to people with income above $21,000 per year. Her boss offers her a promotion that would increase her wage by 25 cents per hour.
a. What is her total income before the promotion?
b. What is her total income if she accepts the promotion?
c. Should she accept the promotion if she wants to have higher income?
Assume that the following table describes prices, incomes, and per person lobster consumption in three United States cities.
For simplicity, let's assume that every household has a marginal propensity to consume (MPC) of 0.75. If the government implements a fiscal policy involving its purchases of goods and services, by how much should government purchases
After watching the Freakonomics video clip on the incentives that sumo wrestlers face, it shows that there are times when rational people
Next, explain how your proposed steps will affect money supply, interest rates, inflation rate, aggregate demand, and output. Provide support for your response.
What would be the market mechanism solution and What would be the central planning solution
Suppose you were studying late one night and you were craving a Papa John's pizza. How much marginal utility would you receive? How much marginal utility would you receive from a pizza that was delivered immediately after you finished a five-cours..
Assume, health officials in Hong Kong simultaneously engaged in the mass slaughter of chicken in an attempt to control the spread of chicken flu and warned consumers against purchasing live chickens. Using demand and supply analysis, what is the i..
When an economist talks of scarcity, the economist is referring to the ability of society to employ all of its resources.
In 2-3 pages (not counting cover and references), explain what expenses and costs facing today's air industry. In addition, evaluate what the current fuel costs do to the industry and how they affect the ticket prices and the patrons' flying..
How might advertising reduce economic well-being? How might advertising increase economic well-being? What is the prisoners' dilemma, and what does it have to do with oligopoly?
Rewrite the MPK as a function of output per unit of capital. Write an expression for the total wage bill. Write an expression for the total return to capital. What is the ratio of labor income to capital income for this production function
Explain and show graphically how this market would be affected if there is an increase in the number of dairy farmers that produce hormone-free milk and at the same time south african consumers choose to be more healthy
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