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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.
The following is a list of figures for a given year in billions of dollars. Calculate the GDP and NI.
Suppose instead that the government wishes to impose a value tax of $0.25 on each dollar of the consumer's expenditure on good 1.Show the effect of imposing this tax in a graph containing before and after budget lines.
Time Magazine and Newsweek are two competing news magazines. Suppose that each company charges the same $5.00 price for their magazines. What is the Nash equilibrium for this sequential game?
Suppose that the car manufacturer allows the car dealer to return all unsold cars at the end of a recessionary year. What is the car dealer's profit in a growth year and in a recession? What is their expected profit?
The table below is a production possibility table for the fictional country of Myopia. Use it to construct the corresponding production possibility curve.
Assume that the payouts of the game were changed (if necessary) such that it results in gamblers having a positive expected value.
Assume the new leadership in Congress decides to repeal some of the tax breaks granted to large businesses throughout the past several years. What impact will the repeal have on the exporting of jobs to foreign countries? describe by using isoquant ..
Compute the marginal cost and marginal revenue of each unit of output and enter these figures in the table.
Compute the price or output combination and the total economic profits which would result if competitors offer clones which make the QuickerBetter market competitive.
This problem uses Okun's law to study how the unemployment and inflation rates change when there are demand shocks.
Dell Electronics just stumbled upon a new supplier of personal computer (PC) circuitry in Costa Rica that can supply standardized computer inputs at $70 per PC.
Attorneys for Eastman Kodak argued in front of the U.S. Supreme Court to defend the company against charges levied by several independent firms that provide service for machine sold by Eastman Kodak.
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