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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.
Peggy is a single mother who currently does not work and has a two year-old child named Bud. Peggy’s concerned parents give her $30/day (non-labor income) to support her and Bud. Peggy has just interviewed for a job as a cashier at Whole Food’s groce..
Consider the following data. Assume that the fixed cost of the 3rd unit of output is $9.00. Calculate average fixed cost, average variable cost, average total cost, marginal costs, total varibale cost and toal cost for each unit listed in the chart.
He has an endowment of w1 = 100 and w2 = 0 and faces relative prices p1/p2 = 2. If the relative price decreases to 1, what are the Slutzky substitution and income effects on the consumption of good 1?
Analyze the effects of a tax cut in an IS-LM model. How does the tax cut shift the IS curve and the LM curve? How are equilibrium interest rate and level of income different from its original level?
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