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1). A poor person who has an income of $1,000 receives $100 worth of food stamps. Draw the budget constraint if the food stamp recipient can sell these coupons on the black market for less than their face value.
2). Under a welfare plan, poor people are given a lump sum payment of $L. If they accept this welfare payment, they must pay a high tax, t= 1/2, on anything they earn. If they don't have to pay a tax on their earnings. Show that whether an individual accepts welfare depends on the individual's tastes.
3). Suppose that Roy could choose how many hours to work at a wage of w and chose to work seven hours a day. The employer now offers him time-and-a-half wages (1.5w) for every hour he works beyond a minimum of eight hours per day. Show how his budget constraint changes. Will he choose to work more than seven hours a day?
Assume the market for natural gas can be explained by, Where P is the price of natural gas per million BTU, Q(D) is the quantity demanded and Q(S) is the quantity supplied of million BTUs of natural gas a day.
Compare the path of economic growth using GDP, GDP growth, and GDP per capita. Compare the evolution of Agriculture and Manufacture as components of GDP.
Suppose an airline flying on the Charolette-Chicago route has estimated the demand curves for three different types of customers: business (no advance purchase), leisure (7 day advance purchase), and discount (14 day advance purchase) travellers. ..
Draw a graph of the market for chewing gum. What are the equilibrium price and quantity? Mark the equilibrium price and quantity in the graph.
Write down the household's budget constraints for period 1 and 2 and identify the current account.
Identify the fallacy in the following discussion: "The effect of an excise tax on a commodity might seem at 1st sight to increase the value that buyer pay.
Would this additional spending on advertising achieve the effect of deterring Maytag from entering? Should GE pursue this option?
Jeans and alligator or animal shirts: The plain pocket jeans and the Lacoste knockoffs often cost 40% less than brand-name items, yet the knockoffs are essentially identical to the brand-name items.
The technology is now expanding so that road use can be priced through computer. A computer in surface of the road picks up a signal from your car and automatically charges you for use of road.
Quantities purchased are the same but prices are not. What does this mean in terms of the marginal rate of substitution at those quantities?
Give some examples of waiting lines in everyday life. What decisions should managers of such systems consider? Try to consider the production line as well as waiting in the queue.
Does the heavy crude have lower or higher value from the base crude and if this is the global marginal refiner, what is the crude price differential between these two crudes?
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