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Budget constraint equation: 10X + 20Y = 200
Assume the government imposes a tax of PhP 2 for every unit of good 1 and graph the budget set.
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- Suppose that a budget equation is given by p1x1 + p2x2 = m. The government decides to impose a lump-sum tax of u, a quantity tax on good 1 of t, and a quantity subsidy on good 2 of s. What is the formula for the new budget line?Suppose the government implements an income support program with the intention of making sure residents are able to purchase sufficient food. The government pays a cash benefit to all individuals with incomes less than $1000 according the following formula: cash benefit (CB) = $200 – 0.2*(earned income(I)) Households spend all of their income on food (F) and other goods (X). The price of food and other goods are normalized to 1. A households budget constraint is F + X = CB + I Households have the following preferences: U = 0.25*ln(F) + 0.75*ln(X) Refer to Scenario 3 Suppose a household has earned income of $300 and instead of cash, the government benefit is in the form of food stamps, or vouchers, that must be spent on food. How much does the household spend on food now?Suppose you are the only producer and consumer in the economy and the only constraint you face is time. You produce a apple in an hour, if you do not make a production, you enjoy your time as a leisure time. You derive utility from both consuming the apple and consuming the leisure time. Suppose there are T hours to be used for both leisure and production. Additionally suppose that you are provided with m ( > 0 ) apple in each day by the government. ( Consumption does not take time) i) Please draw the budget constraint and budget set you face ii) Suppose that you become able to produce two apples in an hour but the number of apple provided everyday by government dropped to m-2 ( m > 2). Could you please draw budget set and budget constraint under new settings? (This scenario is valid only for this question) iii) Suppose that if you use ȟ (< T) hours of leisure (MULeisure / MUapple ) = 1 and if you use more than ȟ hours for leisure (MULeisure / MUapple ) < 1, and if…
- Suppose the price of pizza is $10 the price of cola is $1 , percent and the consumer’s income is $60. In addition suppose the consumer’s budget constraint measures pizza on the horizontal axis and cola on the vertical axisYou have $100 to spend on food and clothing. The price of food is $4, and the price of clothing is $10. Suppose that the government subsidizes clothing such that each unit of clothing is half-price, up to thefirst five units of clothing. Graph your budget constraint in this circumstance.Give the economic interpretation of a budget line
- Consider your decision about how many hours to work. The following graph shows your budget constraint assuming that you pay no taxes on your income. On the following graph, show the effect of a 15 percent income tax on your budget constraint. In order for the overall effect of an income tax to cause the number of hours worked to increase, the income effect must be (greater than , less than , the same as) ? the substitution effect.Consider the economy of Pomistan, where citizens consume only apples. Assume that apples are priced at $1 each. The government has devised the following tax plans:Scenario 3 Suppose the government implements an income support program with the intention of making sure residents are able to purchase sufficient food. The government pays a cash benefit to all individuals with incomes less than $1000 according the following formula: cash benefit (CB) = $200 – 0.2*(earned income(I)) Households spend all of their income on food (F) and other goods (X). The price of food and other goods are normalized to 1. A households budget constraint is F + X = CB + I Households have the following preferences: U = 0.25*ln(F) + 0.75*ln(X) Refer to Scenario 3 Suppose instead of cash, the government benefit is in the form of food stamps, or vouchers, that must be spent on food. How much does the household spend on food now?
- Scenario 3 Suppose the government implements an income support program with the intention of making sure residents are able to purchase sufficient food. The government pays a cash benefit to all individuals with incomes less than $1000 according the following formula: cash benefit (CB) = $200 – 0.2*(earned income(I)) Households spend all of their income on food (F) and other goods (X). The price of food and other goods are normalized to 1. A households budget constraint is F + X = CB + I Households have the following preferences: U = 0.25*ln(F) + 0.75*ln(X) Refer to Scenario 3 Suppose a household has earned income of $300. How much does this household receive in benefits? and how much does the household spend on food?Diagram the following budget constraint where Income - $10,000, Px – $100 and Py - $250.a consumer has income of RM 3,000. Orange Juice costs RM3 glass and chicken rice cost RM6 a palte. Draw the consumers budget constraint and what is the slope of this budget constraint? Draw a consumer's indifference curves for orange juice and chicken rice. describe and explain 4 propeties of these indiffrence curves consider your decision about how many hours to work draw your budget constraint assuming that you pay no taxes on your income. on the same diagram draw another budget constraint assuming that you pay 15 percent tax show how tax might lead to more hours of work, fewer hours or the same number of hours. Explain.