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Consider the economic situation of Tatum, a single mother with one daughter, Blaire. Tatum is free to work as many hours as she would like at $10/hr. Additionally, should she qualify, Tatum may also collect welfare benets. The welfare system in Tatum's state guarantees her a weekly income of $300 and benets are reduced by one dollar for each dollar Tatum earns in the labor market. Finally, Tatum has been awarded $100/wk in child support by the courts. Tatum lives in a state with a Child Support Assurance Program.
a. What is Tatum's income if she does not participate in the labor force? How much of this income is from child support and how much is from welfare?
b. With the Child Support Assurance Program in eect, how many hours may Tatum work before she no longer qualies for any welfare benets?
c. What is Tatum's total weekly income if she works 35 hrs/wk? How much of this income is from welfare, child support, and labor market earnings?
In Winona, a gallon of gasoline at Kwik trip sells for $2.279. In the east end of Rochester, Kwik trip sells gasoline for $2.179 per gallon. Using demand and supply curves, explain the price differential between the two ends of Rochester. Is this d..
Consider a Cournot duopoly with the inverse demand p = 130 - Q. Both firms have constant marginal and average cost MC = AC = 10. Find the Cournot-Nash equilibrium output and profit of each firm. Calculate the con-sumer surplus and DWL.
Describe your educational goals and share personal information as directed by your instructor and to the extent that you are comfortable.
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Illustrate what does your organization or an organization with which you are familiar consider opportunity costs when evaluating strategic opportunities.
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