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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.
Tom earns $15 per hour for up to 40 hours of work each week. he is paid $30 per hour for every hour in excess of 40.
Which of the following is a long-run macroeconomic policy goal? If the CPI was 132.5 at the end of 2003 and 140.2 at the end of 2004, the inflation rate over these two years was
Suppose you decide to withdraw $100 in currency from your checking account. What is the effect on M1? Ignore any actions the bank might take as a result of the withdrawal.
The ten firms have banded together to form a cartel, and the cartel sets the monopoly price. The cartel agreement limits each firm to an output of one-tenth of the total amount demanded at the cartel price.
Using the static classical AD/YP model, demonstrate the effect of each of the following changes.
What is the growth rate of nominal GDP in the economy?An adverse supply shock raises the inflation rate associated with every output ratio by 3 percentage points. Draw the new short-run Phillips Curve.
In a closed economy without a government sector, consumption is determined as 80% of the income available to households. Investment is autonomous at a level of £450.
An essay on Market imperfection associated with negative externalities.
The firm is considering a movement of the plant to Shenzen, China where labour is cheaper. The same mathematical relationship between inputs and outputs will hold.
You are a budget analyst in a California State legislative budget committee and have been asked to prepare a policy brief on the budget issue for the state.
State with brief reasons whether the following statements are true, false, or uncertain.
Describe (in a sentence or two) the short run profit maximization condition when labour is the only variable input? What will happen to the labour demand if price of the output goes up?
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