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Suppose that doctors’ visits cost $20, and the typical consumer has an income of $100. Consumers spend all of their incomes on doctors’ visits and a composite good that costs $1 per unit. a) Draw a graph that illustrates the consumer’s budget constraint, putting doctor’s visits on the horizontal axis. Make sure you indicate the horizontal and vertical intercepts. Now, suppose the local government is considering two health plans. Under plan A, the government will give out vouchers worth 2 free visits to the doctor. Under plan B, the government will give out four 50% coupons to be used at the doctor’s office. b) Draw the new budget constraint the consumer faces under plan A. c) Draw the new budget constraint the consumer faces under plan B. d) For whom is the choice of plan A or plan B not likely to mat- ter those who are quite well, or those who are quite sick? (Hint: Superimpose some indifference curves on your budget constraints.) e) Which plan would someone who is generally well be likely to choose, if offered a choice? 2 Comments
Calculate the present value of an annuity with annual deposits of $10,000 at 7% for 10 years. Determine the monthly payment to amortize a $250,000 debt at 3% for 30 years.
You have been asked to estimate the cost today of a 2,500 ft2 parking lot. You research and find that parking lots have a power-sizing exponent of 0.55 and that your company built a similar 1,000 ft2 lot 5 yrs ago that cost $50,000. You also find tha..
When the crisis hit the world financial system, XYZ felt the shock inevitably. In any case, XYZ's government couldn't afford to bail out its bank that had gotten so much bigger than its economy. Explain what happened to this country when the world fi..
Tobies operate a small deli downtown. The deli business is monopolistically competitive.
You have a gross income of $386200 in 2014. Your filing status is married filing jointly. You might itemize deductions and you are allowed 5 exemptions. During the year you donated 3.3% of your gross income to charity and you have an interest-only mo..
The market is in long-run equilibrium. What market structure best describes the pizza market in this town? Explain. What is average variable cost at this output level for each of the four shops? Explain how you derived this result.
Does this firm’s production function exhibit diminishing returns to labor employment? Are labor and capital complements for this firm? Explain. What is the real wage rate paid by this firm? If total factor productivity (A) is 20, how much labor (L) w..
q1. qd 8000 - 16p 1.75 m 30 pgifm 30000 also pg 50illustrate what is the constant term if the equation for the
Suppose that a monopolistically competitive restaurant is currently serving 240 meals per day (the output where MR = MC). At that output level, ATC per meal is $13 and consumers are willing to pay $17 per meal. What is the size of this firm’s profit ..
what happens to the amount of debt held by the public. What would happens to the level of gross debt.
The radio announcer just finished up the daily market report during which they stated that the price of wheat has risen to $4 per bushel. What type of statement did the announcer make?
Label aggregate demand curve as AD and aggregate supply curve as AS. Be sure to label axes appropriately. Identify and describe changes in AS-AD graph above that would result from cost-push inflation.
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