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According to John Rawls, society gains more from improving the welfare of the rich household.
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- According to John Rawls, society gains more from improving the welfare of the rich household. TRUE OR FALSEA recent trend in health insurance is the Health Savings Account (HSA). The idea behind Health Savings Accounts is that rather than providing employees with health insurance that makes visiting doctors cost little more than a simple $10 or $20 copay the employer gives the employee money to use to spend on health care, but the employee bares the entire cost of seeing the doctor. What money given for health care not spent by the employee can be withdrawn by the employee as if it was additional income. It is believed that Health Savings Accounts will reduce the total amount of money spent on seeing doctors. Using Supply and Demand analysis, explain why there is the expectation that HSA’s will reduce spending on doctors.Discuss whether merit goods and demerit goods are best provided by the market economy.
- Is Pareto Efficiency enough to explain Welfare economics?Assume a primitive society that produces two goods: food and tools. There is a consumer that is currently willing give up 2 units of food to obtain 1 tool (MRSTF=2). The price of a tool is 3 coins, and the price of food is 1 coin per unit. Is this individual maximizing their utility? Explain Briefly.In 2013 the UK government introduced a Help to Buy scheme that was aimed at helping people to get on the property ladder, i.e., buy their first home. The details are complex, but economically, the scheme offered a subsidy to first-time buyers. In 2013 the UK suffered from a relative shortage of housing and, at the same time, had no significant house-building programme. What are the consequences of such Help to Buy scheme under these circumstances? Who benefits most from such a scheme? Buyers, or sellers? Explain in economic terms. The elasticity of demand for the London Underground is estimated to be around -0.3 in the short term (one to two years). In 2018 there were around 1,400 million passenger journeys on the London Underground. Revenue from the London Underground in 2018 was £2,669 million. For 2019, Transport for London would like to increase the average fare by 4%. Explain and answer the following questions: In 2018, what is the average fare for the London Underground?…
- In 2013 the UK government introduced a Help to Buy scheme that was aimed at helping people to get on the property ladder, i.e., buy their first home. The details are complex, but economically, the scheme offered a subsidy to first-time buyers. In 2013 the UK suffered from a relative shortage of housing and, at the same time, had no significant house-building programme. What are the consequences of such Help to Buy scheme under these circumstances? Who benefits most from such a scheme? Buyers, or sellers? Explain in economic terms.Pareto efficiency, or Pareto optimality, is an economic state where resources cannot be reallocated to make one individual better off without making at least one individual worse off. Pareto efficiency implies that resources are allocated in the most economically efficient manner, but does not imply equality or fairness. An economy is said to be in a Pareto optimum state when no economic changes can make one individual better off without making at least one other individual worse off.To simplify analysis and discussion the model for general equilibrium uses the two person, two goods and two resources (or 2 X 2 X 2 model). The investigation is done in three steps:• Consumption efficiency • Production efficiency• A combination of Consumption and Production efficiencies. Critically analyze the concept of Pareto efficiency. Use relevant theory and diagrams to support your analysis.Mary earns $15 per hour, Paul earns $18 per hour, and Peter earns $22 per hour. Peter has three years of college, Paul has two, and Mary has one. The difference in their choice of years of education is due completely to different discount rates. How much can the available information reveal about each person’s discount rate?
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