With these facts in mind, draw three budget constraints in the same diagram: i. The constraint that applies to beneficiaries who choose not to receive benefits ii. The constraint that applies to those who receive benefits between 62 and the NRA iii. The constraint that applies to beneficiaries, older than the NRA, receiving benefits
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Please determine all equations for the three budget constraints, assuming that the individual's total quantity of benefits is such that they are completely reduced to $0 at the point where they have earned $48,600
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- Match the definition with the term provided.Hh.104.Suppose that a certain state has 794,000 people. Let the gross income for the ith person be denoted by Gį, the taxes for the ith person be denoted Ti, and the disposable income for the ith person be denoted D₁. Suppose that the mean gross income per year is $50,000, and the average taxes per year is $7500. (a) If the individual disposable income is the gross income minus taxes, write down the equation for D₁. (b) Find the average disposable income per year for the entire state. (c) Find the total taxes per year for the entire state, and the total gross income for year for the entire state. (d) Find the total disposable income per year for the entire state.
- MTR = 0.2; MPS = 0.2Refer to the above information to answer this question. What is the value of the MLR?Nn1 Which of the following is a bilateral monopoly? A) A perfectly competitive firm in the output market, with monopsony power in the labor market. B) A firm with monopoly power in the output market and participates in a competitive labor market. C) A firm that has monopoly power in the output market and monopsony power in the labor market. D) A firm that can switch from being competitive to being a monopoly in either the product or labor markets.5) Suppose a microcredit loan program was randomly assigned among eligible poor households. Due to randomization, the treatment and control group are on average same in terms of both observable and unobservable characteristics before the loan was disbursed. We are interested in the impact of microcredit on earnings. After the program has run for 2 years, we collect information on earnings for both the treatment and comparison units. a) How can you measure the impact of the credit program?
- Kindly assist with question 7.Please provide valuable answer with proper explanation, don't use any AI tool.2. The market demand function for strawberries is given by the equation: Q=276 2.5Pstr +0.6 I - 0.7 Pcr, str Where is the demand for strawberries in kilograms, Pstr is the price of strawberries per kilogram (in USD), str I is the household monthly income (in USD), and P is the price of cream per kilogram (in USD). Assume that Pstr is equal to $8, I is equal to $150, and Per is equal to $5. a. Determine the price elasticity of demand for strawberries. b. Determine the income elasticity of demand for strawberries. Is strawberry a normal/inferior good? Why? d. c. Determine the cross-price elasticity of demand for strawberries with respect to the price of cream. Based on your answer from (c), can we say cream and strawberries are substitute goods/ or complement goods? Why? Assume that the prices of strawberries and cream remain constant, but income increased three fold. What is going to happen on the demand for strawberries? Please use a diagram to provide your explanation. e.