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Consider an income guarantee program with an income guarantee of $5,000 and a benefit reduction rate of 40%. A person can work up to 2,000 hours per year at $10 per hour.
1. Draw the person’s budget constraint with the income guarantee. Be sure to place appropriate labels similar to those found in the slides/lecture.
2. Suppose that the income guarantee rises to $7,500 but with a 60% reduction rate. Draw the new budget constraint. Make sure it is visible.
3. Which of these two income guarantee programs is more likely to discourage work? Explain briefly.
Consider a numerical example. Originally, prices were p1 = p2 = 1 and income was 10. In the next year the price of good 1 doubled. The price of good 2 stayed the same. Calculate the CPI income adjustment. Calculate the new optimal bundle. And lastly,..
A company produces two main products: electronic control devices and specialty microchips. The average total cost of producing a microchip is $300; the firm then sells the chips to other high-tech manufacturers for $550. Should the company produce co..
Assume that GDP (Y) in a closed economy is 6,000. Consumption (C) is given by the equation C = 600 + 0.6(Y – T). Investment (I) is given by the equation I = 2,000 – 100r, where r is the real rate of interest in percent. Taxes (T) are 500 and governme..
A demand function is given by the equation q=120-2p, suppose the price is P=10. Must find three things: When the price is P=10, what is the quantity? The total revenue at this point is? The price elasticity of demand at this point is?
A car manufacturing company adopts a new technology that, ceteris paribus, increases the productivity of capital. At the same time, workers unionize and demand higher wages. Assume that for this firm capital and labor are substitutable. Which of the ..
The three problems of resource allocation are faced by
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In this table below, Agoira moves from a command system to a market system
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An asset is purchased for $20,000. If it has a useful life of 10 years and salvage value of $5000. a) Use the DB and DDB methods to determine: the depreciation charges and book values for years 2, 4, 9, 10. b) What is the implied salvage value for th..
Micro media offer computer training seminars on a variety of topics. In the seminars each student works at a personal computer, practicing the particular activity that the instructor is presenting. Micro media is currently planning a two-day seminar ..
Focus and write an International Business and Business Related Issue related for an International Business, Country or a commodity. A international proposal paper or business plan is also required.
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