Reference no: EM131001948
In Michigan, unemployment benefits range from $81 to $362 per week, while in Colorado, benefits range from $25 to $502 per week, and in Washington, these benefits can vary between $158 and $664 per week. Notice that these differences alone would imply more than a $15,000 annual difference in benefits depending on your state.
Program Specifics:
The amount of benefits one receives under each of these programs varies depending on one’s individual earnings prior to becoming unemployed. However, I am asking you to assume (for simplicity) that we are looking at workers in each of the three states who qualify for the maximum benefit ($362 per week in Michigan, $502 per week in Colorado and $664 per week in Washington).
In addition to differences in the monetary benefits, each of these states also have different methodologies for phasing these benefits out as workers find employment:
Scenario 1: -In Michigan, your benefit reduction depends on how much you earn relative to your unemployment benefit. If you earn less than your weekly benefit ($362 per week as outlined above), your benefit is reduced by ½ of your earnings. If you earn an amount greater than or equal to your benefit ($362 per week), but not exceeding 1.5 times your benefit ($543 per week), you received 1.5 x your benefit minus all of your earned income. If you earn more than 1.5 times your benefit, you no longer quality for the program.
Scenario 2: -In Colorado, you can earn up to 25% of your unemployment benefit in earned income without any reduction in your benefit. However, for each dollar beyond this limit you earn, your benefit is reduced by one dollar.
Scenario 3: -In Washington, the state takes the benefit recipient’s earned income, subtracts $5 and multiplies this amount by .75 (with this number rounded up, to the next highest dollar). This is then the amount that is deducted from the worker’s unemployment benefit. o For example, if a worker qualifying for the $664 per week as described above found a job earning $200 per week, their benefit would be reduced by $147, leaving them with $717 per week ($664 in benefits + $200 in earnings – [(2005)x.75]).
Draw 3 labor leisure diagrams, one for each of the three states above, given the scenarios?
|
What is continental drift
: What is continental drift? What was Alfred Wegener's hypothesis for continental drift, and why was his idea not accepted? Explain the evidence collected in the last part of the 20th century that supports Wegener's continentaldrift theory
|
|
Bank for establishment of the business
: The following transactions were completed by Caroline Landscaping & Merchandising Operation Inc: At Caroline Inc: books are closed at the end of March 31 January 1. Caroline Corp. deposited $60,000 in the bank for establishment of the business.
|
|
An industry demand curve faced by firms in a duopoly
: An industry demand curve faced by firms in a duopoly is P =69 - Q, where Q = Q1 + Q2. MC for each firm is 0 ( note: Marginal Revenue has twice the slope as the demand curve.) How many units should each firm produce? How much money will each firm make..
|
|
General rule of human behavior be developed
: Jim Range has to choose between buying more soda or more pasta for the week. He has a fixed income and he knows the prices of both products. Using indifference curves and budget constraints, illustrate the amount of soda and pasta that Jim will purch..
|
|
Differences in the monetary benefits
: In Michigan, unemployment benefits range from $81 to $362 per week, while in Colorado, benefits range from $25 to $502 per week, and in Washington, these benefits can vary between $158 and $664 per week. In addition to differences in the monetary ben..
|
|
Typical firm in a monopolistically competitive market
: The typical firm in a monopolistically competitive market does not earn long-run economic profit. Does that fact make it economically efficient? Explain why the firm will not able to earn long-run economic profit.
|
|
Benefits and drawbacks of using the various current value
: What are the benefits and drawbacks of using the various current value measurement techniques for elements of the financial statements? How would the use of one or more non-Historical Cost techniques influence relevance and faithful representation..
|
|
Spends more on rent-seeking activities than consumers
: Which of the following explains why big business typically spends more on rent-seeking activities than consumers?
|
|
What is the probability that a male age sixty will die
: Actuary A decides that the force of mortality for male lives is 1.5 times the force of mortality for females lives, at all ages over 60. What is the probability that a male age 60 will die within 10 years, under A's assumption?
|