Assignment
Describe the major sources of income and expenditures for households.
1. (Evolution of the Household) Determine whether each of the following would increase or decrease the opportunity cost for mothers who choose not to work outside the home explain your answers.
A. Higher levels of education for women
B. Higher unemployment rates for women
C. Higher average pay levels for women
D. Lower demand for labor in industries that traditionally employ large numbers of women
10. (Tax Rates) Supposed Texas or related to him income as follows:
Income Taxes
$1000 $200
$2000 $350
$3000 $450
A. What percentage of income is pay in taxes at each level?
B. Is the tax rate progressive, proportional, or regressive?
C. What is the marginal Text rate on the first $1000 of income? The second $1000? The third $1000?
Chapter 4 explain why a demand curve slopes downward
2. (Substitutes and complements) For each of the following pair of boots, determine whether the goods are substitutes, complements, or unrelated:
A. Peanut butter and jelly
B. Private and public transportation
C. Coke and Pepsi
D. Alarm clocks and automobiles
E. Golf clubs and golf balls
Identify five things which could ship a demand curve to the right or left
3. (Demand Shifters) L List five things that are held constant along a market demand curve, and identity The change in each that would ship that demand curve to the right--that is, that would increase demand
Explain why a supply curve usually slopes upward
4. (Supply) why is a firm willing and able to increase the quality supplied is the product price increases?
Predict the impact of a change in demand or supply on the equilibrium price and quantity
11. (equilibrium) Assume the market for corn is depicted is in the table that appears below.
A. Complete the table below.
B. What market pressure occurs when quantity demand exceeds quantity supplied? Explain.
C. What market pressure occurs when quantity supply exceed quantity demanded? Explain.
D. What is the equilibrium price?
E. What could change the equilibrium price?
F. At each price in the first column of the table below how much is sold?
Price Quantity Quantity Surplus/ Will price
Per bushel Demanded (millions Supplied (millions Shortage Rise or
Of bushels) of bushels) Fall?
$1.80 320 200 ________ ______
2.00 300 230 ________ ______
2.20 270 270 _______ _______
2.40 230 300 ________ _______
2.60 200 330 ________ _______
2.80 180 350 ________ _______
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.