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According to the National Bureau of Economic Research, a poor family is the one whose income falls below one-half of the median family income. Using this definition of poverty, answer the following questions.
a) How, if at all, would the proportion of poor families be affected if
(i) The income distribution changed from a positively skewed one to a symmetric one, leaving the median income unchanged?
(ii) Every income was increased by 20%?
Compute the Average cost, Marginal cost, Average Variable Cost and the output level at which Average Variable Cost is at a minimum.
Health plan guaranteeing that all qualified participants can purchase MRI tests at an effective price to the individual of $100 per test. How many MRI tests are now demanded? Is the result in the market a surplus or shortage?
Give real world examples of each of them. How would you construct an argument around the comment "more money you have the more problems you have".
A firm in a purely competitive industry is currently producing 1000 units per day at a total cost of $450 and If the firm produced 800 units per day, its total cost would be $300, and if it produced 500 units per day, its total cost would be $275.
What is the consumer surplus [loss] associated with the merger and what was the profit before the merger? after? increase? How does the consumer loss compare to the increase in profit?
what is the highest possible price per unit that could exist as the market price in long-run equilibrium and If that price ends up being the market price and if the normal rate of profit is 10 percent, then how big will each firm's accounting profit..
A competitive market is intended to result in improved efficiency, though it will not necessarily improve equity. That is, a competitive market might encourage efficient production but may not necessarily result in a redistribution of wealth
Write a situation that would cause a shift in labor supply and demand. The following areas have had high job growth values and can be used for your scenario:
Discuss the difference between the CPI measure of inflation as collected by the Bureau of Labor Statistics and the Billion Price Project (BPP), which is developed by researchers at MIT.
Use a graphical illustration to describe briefly what the influence an increase in immigration on the market supply of labor
For Profit Labs, Inc. (FPL) is a private laboratory that does only routine blood count. With total assets of $8 million last year, FPL took in $3 million in revenue and had expenses of $2 million. The average firms in other industries make a retur..
Evaulate the price elasticity of demand for subway rides. The subway fare in your town has just been increased from the current level of 50 cents to $1.00 per ride.
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