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John buys shoes for $1 a pair and socks for $1 a pair. His annual income is $20.
a. Draw John’s budget line; label it?
b. Now suppose the government institutes two new programs: first, it taxes shoes, so that shoes now cost John $2 a pair. Second, it gives John an annual cash gift of $10. Draw his new budget line. Label it?
c. Suppose that with the new programs in place, John chooses to buy 10 pairs of socks and 10 pairs of shoes. Has the pair of government programs made him better off, worse off, or neither?
The following equations describe a small open economy. Calculate the equilibrium level of output (Y*).
Consider the following statements on the basis of positive economic analysis that assumes ceteris paribus. Liston other thing that might change and thus alter the outcome stated.
An important way to reduce water pollution from farms is to plant a buffer zone between crops and the water. Economists estimate that for each bush there is a $20 gain in reduced pollution. What is the market clearing equilibrium price and quantity?
q1. assume the price elasticity of demand for heating oil is 0.7 in the long run also 0.2 in the short run. if price
. Abstracting out this income effect would leave the quantity of X unchanged. On the other hand, beyond the switch point, only Y is consumed and no changes in Px will have any income or substitution effect.
Consider a couple's decision about how many children to have. Assume that over a lifetime a couple has 200,000 hours of time to either work or raise children.
How important is the existence of a significant barrier to entry to maintaining a monopoly? What would be the result if a monopoly market could be easily entered?
Do injured parties acting ethically when y promise to keep quiet know Illustrate what can happen to hundreds of unsuspecting consumers.
Illustrate what do laws of supply and demand predict would be result of an immediate removal of minimum wage in terms of price of labour and quantity available.
Explain how "discretionary fiscal policy" can be "countercyclical" and can be used to support aggregate demand. Us an AD/AS model to support your answer.
If the real wage can adjust to equilibrate labor supply and labor demmand, what is the real wage. In this equilibrium, illustrate what are employment, output, and the total amount earned by workers.
Using the concept of net present value also opportunity cost, explain when it is rational for an individual to pursue
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