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Consider how the labor leisure tradeoff diagram changes when Medicaid is offered to individuals whose income is below a defined threshold, I. Note that Medicaid is an in-kind transfer equal to pM, where p is the price of medical care and M is the quantity of medical care transferred.
a. Draw the budget line if wage rate is w?
b. Show how the budget set changes with this in-kind transfer.
c. Suppose that the state reduces the income eligibility threshold, to say I’. Does this make it easier or harder for people to qualify for Medicaid?
d. What happens to the size of the region where workers have no incentive to work?
Which of the following statements are true about both monopolistic competition and monopolies?
Consider a consumer with utility function u(x1,x2) = x1x2 and income m who faces given prices p1 and p2. What is the effect of the increase in price on the consumption of good 1? How much of this effect in consumption is due to the income effect and ..
1.nbspnbspnbspnbspnbsp production possibility frontiers studying or socializing?nbspa. nbspdraw a production
From the perspective of an executive with the firm, prepare a strategic plan to grow the business over the next three years. Your strategic plan must be future-oriented and must: Describe Porsche’s history and its 4Ps (Product, Price, Place, and Prom..
Results of drilling are 15 dry holes, 12 gas producers, 18 oil wells, and 20 wells producing both oil and gas.
Given the long-term budgetary deficits facing the federal government, some members of Congress have advocated repealing the prescription drug benefit that it created for Medicare beneficiaries in 2003 (i.e. Medicare Part D). If that should happen, ho..
New entrants into an industry often find that they must advertise heavily in order to have even a chance of success. Does this mean that advertising is a barrier to entry? What advantage does advertising play? Be sure to answer this question by inclu..
A Material Requirements Planning (MRP) is most valuable in industries where a number of products are made in batches using the same productive equipment and with companies involving
A developing nation faces inflation rates of 2% one year, 5% in the second year, and 12.5% in the third year. Find the geometric mean of the inflation rates.
consider a market where demand is p10-2q and supply is pq2. there is a consumption positive externality of 2.5unit of
Define power from an organizational behavior perspective. What is the difference between power and influence? What are the six forms of position power and the four forms of personal power? Briefly describe each form. What is leadership and how does i..
Suppose the economy's production function is Y = A(300N – N^2). The marginal product of labor is MPN = A(300 - 2N). Suppose that A = 10. The supply of labor is NS = 0.05w + 0.005G. what are the real wage, employment, and output?
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