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Down and Out ("Down and Out in Paris and London" by George Orwell) are a nice couple with nice manners but they've got no money at all ("Nice People", a famous English song of Flanagan and Allen from the Great Depression). They both receive welfare checks of $500 a month, which they can spend on housing and other goods. Each unit of housing costs $1 in the free market, as does each unit of other goods. Down and Out are eligible to receive a public housing unit, which provides them with an apartment that would cost them $1000 per month in the free market at a rent of $500 per month. Draw their budget set (the combination of housing and other goods that they can afford) in housing-other goods space. (Thus, housing is on the x-axis and other goods are on the y-axis).
Explain how that the balance sheet balances if these are the only assets and liabilities.
Suppose that two people, Mary and John each live alone in an isolated region. y each have same resources available and y grow corn and raise pigs. What is John' opportunity cost of producing corn.
Given what you know about the likely effects of climate change, how are people in different countries likely to value efforts to reduce the rate of global warming?
we haven't been able to say much on theoretical side about private information combined with complementarities.
Find out the Nash equilibrium prices of the procedures at the hospitals. find out the profit maximizing monopoly prices of the procedure at each hospital.
illustrate the effect of capital information by comparing the prodution possibitity curves, at the present time and ten years in the future, for two economie, one with a high and the other with a low rate of capital formation.
Suppose that you have two people in an economy, Ms. Hundley and Mr. McKenna, who want to produce a public good S. Suppose we calculate the Lindahl equilibrium using the method in your textbook
Explain the strengths and weaknesses of using monetary policy in comparison to fiscal policy when promoting economic activity.
Assume that all other banks hold only the required amount of reserves.
As a second alternative, Mrs. Siegal can take pain killers. Each pill costs 50 cents also Mrs. Siegal needs to take 30 pills every month.
Why as a result of rise in exchange rate, the amount of imports fall but not as much as it does when the supply is perfectly elastic.
What does the airline pilot’s supply curve in the Case in Point on how she has dealt with wage cutbacks look like? Does the substitution effect or the income effect dominate? How do you know?
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