Budget constraint-what is the phase-out rate

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Reference no: EM13994945

Workers can work anywhere from 0 to 2,000 hours per year at a wage of $8/hour.

a. Graph this budget constraint, with hours worked on the x-axis and income on the y-axis.

b. The government introduces a new welfare program with a guarantee of $2,000 and a break- even point of $6,000. Graph the new budget constraint. What is the phase-out rate?

c. Is this new program likely to encourage more work, discourage work, or will its effect be mixed on different workers? Why?

Reference no: EM13994945

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