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- Explain what is meant by urban bias. What are the major effects of urban bias?In the city of Swiftsure, there is only one crime, armed robbery. The city recently decided to double the probability of imprisonment from 10 percent (10 percent of armed robberies result in a prison sentence) to 20 percent. Because the city has a fixed prison capacity, it also cut the average prison sentence in half, from 3 years to 1.5 years. a. Would you expect these changes in the city’s crime policy to increase, decrease, or not affect the city’s crime rate? Explain why. b. would you expect these changes to increase, decrease, or not affect the total cost of crime (the sum of victim and prevention costs.Compare and contrast the Equity Theory vs. the Attribution Theory.
- 5. A tax on healthy people. Consider the basic Rothschild-Stiglitz model with asymmetric information and robust and frail customers. a. Suppose the government imposes a Wellness Tax τ > 0, on robust and frail types but collects on this tax only when they are healthy (that is, there is no tax if they turn out to be sick). Will a separating equilibrium still be possible? Draw a version of the Rothschild-Stiglitz diagram to support your answer. b. Will a separating equilibrium be possible if the tax τ > 0, is imposed on all customers in both sick and healthy states? Again, support your answer graphically.8 1. Indicate the difference between Smith’s contextual and Ricardo’s non contextual policy analysis. 2. According to Ricardo, rent is a price determined not a price determining factor, explain what that mean and why? 3. Explain and evaluate Malthus’s population theory1). Anna and Bob are the only residents of a small town. The town currently funds its fire department solely from the individual contributions of these two residents. Each of the two residents has a utility function over private goods ?x and total number of firemen ?, of the form: ?(?,?)=2ln?+ln?. The total provision of firemen hired, ?, is the sum of the number hired by each of the two persons: ?=??+??. Ann and Bob both have income of 200 each, and the price of both the private good and a fireman is 1. They are limited to providing between 0 and 200 firemen. For the purposes of this problem, you can treat the number of firemen as a continuous variable (it could be man-years). How many firemen are hired if the government does not intervene? a. ?=80 b. ?=400/3 c. ?=200/3 d. ?=0 Consider the setup from Question 1. Suppose that we identify the social welfare in this town by the sum of utilities of Ann and Bob. What is the socially optimal number of firemen? a. ?=400/3 b.…
- How is opportunity cost treated in calculating cost of equityAdam Smith proposed taxing ‘Sugar, rum and tobacco’ because they are: “nowhere necessaries of life” “objects of almost universal consumption” In consumer theory economics, what is the difference between a necessity and a luxury good. What is the likely difference in the tax revenue obtained from a tax imposed on a necessity versus a luxury good? Explain and illustrate with appropriate figures. Question Requirements: Identify the difference between a necessity and luxury and provide an example. Highlight ability to identify the link of this definition to tax revenue. Highlight ability to encapsulate this concept precisely using correctly drawn figure.3. Suppose a selective state flagship university employs a cutoff in test scores, which is not known at the point of application, to determine admission. How might this administrative rule, combined with the observation of earnings a decade later, be used to estimate the return to attending the state flagship university? Why would the publication of the admissions cutoff to students and families before application likely invalidate this estimation approach?
- 15 A libertarian paternalist would prefer to implement policies that a.adjust the incentives of a decision. b.allow individuals to opt-out of the default option. c.require individuals to make a decision. d.randomly assign individuals to an option if they don't make a choice6.8) Indicate whether each of the following statements is true, false, or uncertain. Explain why d. Tom’s workplace provides free access to a fitness room; Jerry’s does not. Horizontal equity requires that Tom be taxed on the value of having access to the fitness roomWhich of the follwoing theoretical results is concerned with the relationship of factor endowments and the distribution of payoffs in an economy? Rybczynski Theorem Ricardian Equivalence Heckscher-Ohlin Theorem Stolper-Samuelson Theorem
