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The current worker’s compensation system pays employees who are permanently injured on the job a payment of $X per year, whether they work or not. The government has been considering an alternative plan (Plan B) where those who continue to not work receive half the amount ($.5X), but those who return to work would receive half the amount ($.5X) PLUS 50 cents for every hour worked. Of course this would be on top of the wages the employer pays them.
a) Illustrate the budget constraint represented by the current worker’s compensation system.
b) Illustrate the budget constraint represented by Plan B
c) What would be the change in work incentives associated with this change in the way worker’s compensation payments are calculated?
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Illustrate what are major arguments in case for income equality. Illustrate what are major arguments in case for income inequality.
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An average yearly rate of 10 to 11 percent in the late 1980s. Illustrate what effect did this decline have on.
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As we continue our discussion on producers and market structure, we want to think like producers. If you are or wish to be an entrepreneur, would you enter a perfectly competitive market? Why or why not? What are some of the challenges you would expe..
Draw Bob's budget constraint (put skinny ties on the horizontal axis). Bob’s preferences lead him to choose a combination of 4 DVDs and 30 skinny ties. Draw the indifference curve that leads him to this choice. What is his marginal rate of substituti..
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