MATLAB: A Practical Introduction to Programming and Problem Solving
5th Edition
ISBN: 9780128154793
Author: Stormy Attaway Ph.D. Boston University
Publisher: Elsevier Science
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Chapter 11, Problem 10E
To determine
To create:
A class to store and view information on software packages for a particular software superstore and calculate the profit on a particular software product.
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Suppose that a consumer cannot vary hours of work as he or she chooses. In particular, he or she must choose between working q hours and not working at all, where q > 0. Suppose that dividend income is zero, and that the consumer pays a tax T if he or she works, and receives a benefit b when not working, interpreted as an unemployment insurance payment.
a. If the wage rate increases, how does this affect the consumer’s hours of work? What does this have to say about what we would observe about the behavior of actual consumers when wages change? Explained also with the graph
b. Suppose that the unemployment insurance benefit increases. How will this affect hours of work? Explain the implications of this for unemployment insurance programs. Explained also with the graph
Consider the market depicted in the graph and assume the government imposes a price floor of P2.
At P2, 150 units of the good are supplied (wish to be sold) and 50 units of the good are demanded (wish to be bought).
Choose the correct ones:
Without an enforcement mechanism, the effect of a binding price floor will be negligible because it will simply be ignored because buyers and sellers enrich themselves by trading below the floor price.
With an enforcement mechanism, the effect of a binding price floor may still be negligible if the enforcement mechanism is easy to evade or doesn't impose a significant penalty for selling below the price floor.
Without an enforcement mechanism, the effect of a binding price floor will be negligible because it will simply be ignored because buyers and sellers enrich themselves by trading above the floor price.
With an enforcement mechanism, the effect of a binding price floor may still be negligible if the enforcement mechanism is easy to evade or…
Suppose there are 11 buyers and 11 sellers, each willing to buy or sell one unit of a good, with values {$14, $13, $12, $11, $10, $9, $8, $7, $6, $5, $4,}. Assume no transaction costs and a competitive market. At the optimal bid, ask spread, what is the total profit that the market maker makes?
$8
$12
$18
$20
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MATLAB: A Practical Introduction to Programming and Problem Solving
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