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The U.S. government spends over $15.8 billion on its Food Stamp Program to provide millions of Americans with the means to purchase food. These stamos are redeemable for food at over 160,000 store locations throughout the nation, and they cannot be sold for cash or used to purchase non-food items. The average food stamp benefit is about $170 per month. Suppose that, in the absence of food stamps, the average consumer must divide $500 in monthly income between food and "all other goods" such that the following budget constraint holds: $500 = $10A + $5F, where A is the quantity of "all other goods" and F is the quantity of food purchased. Using the vertical axis for "all other goods", draw the consumer's budget line in the absence of food stamp program. What is the market rate of substitution between food and "all other goods"? On the same graph, show how the food stamp program alters the average consumer's budget line. Would this consumer benefit from illegally exchanging food stamps for cash? Explain.
Using the Lerner index, find the price elasticity of demand for Botox and interpret what this value means to total revenue if the price of Botox were increased one percentage point.
Suppose that the domestic demand and supply for hats in a small open economy are given by-Where Q denotes quantity and P denotes price.
What will be the effect of this change in policy on both the real and the nominal interest rate in the long - run?
Last year, Pat and Chris occupied separate apartments. Each consumed 400 gallons of hot water monthly.
What is the difference between the real interest rate and the nominal interest rate? How would not knowing the difference effect perceptions of the economy and affect people's decisions?
Dr Leona Williams a well know Plastic Surgeon, has reputation for being one of best surgeons for reconstructive nose surgery. Dr Williams enjoys a rather substantial degree of market power in this market. She has estimated demand for her work to b..
The largo publishing house uses 400 printers and 200 printing presses to produce books. A printer's wage rate is $20, and the price of the printing press is $5,000.
What might be included in the "total cost" of acquiring and watching movie on DVD? What about the "total cost" of seeing a movie at the multiplex?
How would you characterize the market for crude oil production? Explain your answer. Explain the long run profit behaviour of firms in this kind of industry.
How would you show what happens with equilibrium income if agents suddenly lose confidence and decide to spend less, even if their income has not changed?
Price comparison services on the Internet (as well as shopbots) are a popular way for retailers to advertise their products and a convenient way for consumers to simultaneously obtain price quotes from several firms selling an identical product.
The nation is divided into __12______ Federal Reserve districts, each having a Federal Reserve Bank.
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