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Suppose that Martha’s income is $40,000 per year. She can spend it on health care visits, which cost $80 per visit, or on groceries (standing for all other goods) which cost $100 per bag of groceries.
Draw Martha’s budget constraint. Using in difference curves, show Martha’s optimum if she buys 300 bags of groceries per year.
Suppose that Martha’s income rises to $42,000 per year, and that she increases her consumption of healthcare visits by five visits. Using the graphs for Exercise, draw the new equilibrium.
An economic system, in which economic decisions are controlled by the internal interaction of supply and demand, is known as a Illustrate what.
measured in thousands of units and price (P) is measured in dollars per unit. The equilibrium quantity in this market it.
Discuss tax systems and political philosophies associated with income inequalities. List and describe the relationship between the two tax principles and three tax systems discussed in this course. Include comments regarding the effects of tax on soc..
Illustrate how the market, if left alone, would move us out of the recessionary gap. Also, explain all, if any, fiscal policy steps that can be used to lift us out of the recessionary gap. Explain which method, the market or fiscal policy, do you ..
In January 2010, the price of gasoline was $2.70 a gallon. By spring 2010, the price had increased to $3.00 a gallon. Assume that there were no changes in average income, population, or any other influence on buying plans. Explain how the rise in the..
Supply curves are usually assumed to slope upward because
q.dominos pizza is considering incoming to the marketplace in your community. conduct research regarding demand
Which of the following is NOT true regarding top-down budgeting?
Is the quality of care different in a for-profit versus not-for-profit hospital? What differences in services might occur during or after a stay in a for-profit versus not-for-profit hospital? Compare and contrast the impact of healthcare on the US e..
What is the loss to fans from the monopoly power that sports franchises exert? Be precise in your reasoning. (Verbal explanation and shows P, MC and MR.)
In a perfectly competitive industry in which firms have U-shaped average cost curves, the long-run market supply curve is a horizontal line. This market supply curve is not the horizontal sum of individual firms’ long-run supply curves.
Explain four problems with the argument that trade protection is needed to protect American jobs. b) Describe the economic reasons why businesses use off shoring.
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