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    Jonathon is a single father with one child. He can work as a server for $6 per hour for up to 1,500 hours per year. He is eligible for welfare, and so if he does not earn any income, he will receive a total of $10,000 per year. He can work and still receive government benefits, but for every $1 of income, his welfare stipend is $1 less. Create a table similar to that shows Jonathan’s options. Use four columns, the first showing number of hours to work, the second showing his earnings from work, the third showing the government benefits he will receive, and the fourth column showing his total income (earnings + government support). Sketch a labor-leisure diagram of Jonathan’s opportunity set with and without government support.

    Jonathon’s options for working and total income are shown in the following table. His labor-leisure diagram is shown in the figure following the table. Number of Work Hours Earnings from Work Government Benefits Total Income 1,500 $9,000 $1,000 $10,000 1,200 $7,200 $2,800 $10,000 900 $5,400 $4,600 $10,000 600 $3,600 $6,400 $10,000 300 $1,800 $8,200 $10,000 0 $0 $10,000 $10,000

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Questions & Answers

what is economic
Azolingo Reply
why is economics not a pure science?
AHUMBE Reply
what is management of human resources?
Ibrahim Reply
how is economics a science?
Mei Reply
4. It is a hot day, and Bert is thirsty. Here is the value he places on each bottle of water: Value of first bottle $7 Value of second bottle $5 Value of third bottle $3 Value of fourth bottle $1 a. From this information, derive Bert’s demand schedule. Graph his demand curve for bottled w
Tahmina Reply
hello
Lukman
what is the law of diminishing marginal utility
Samuel Reply
The law of diminishing marginal utility state that as a consumer consumes a successive units of a commodity, a point is eventually reached where consumption of additional unit yields less satisfaction.
raheem
what is demand
Isatu Reply
other things can be equal an certain amount paid for the goods by consumer in the market called demand.
Dhanishhwar
demand is the amount of a commodity a consumer is willing and able buy at a given price at a particular point in time
Samuel
Demand is the quantity of commodity a consumer is willing and able to buy at a given price and a particular time.
raheem
what is economics
Owusu Reply
economics is a social science subject, which study human behaviors as a relationship btw end ND scarce means
Joseph
what utility
Isatu
Utility is the satisfaction a consumer derives from consuming a particular commodity.
raheem
meaning of economics
Agyei Reply
what is a columnist
Owusu
what are the four basic assumptions of perfect competition
Liyanda Reply
There is a well known maximum by economic that states that the birthd of money is the deaths of batter system discuss the statement
PHILIP Reply
how does price elasticity increase
Anuoluwapo Reply
What is real GDP
Klaudia Reply
Real GDP is a way of adjusting our output calculations for inflation so that we can see group interms of physical production quantity
Minalu
Real gross domestic product is a macroeconomic measure of the value of economic output adjusted for price changes. This adjustment transforms the money-value measure, nominal GDP, into an index for quantity of total output
amisha
what is economics
Preet Reply
Economics is the study of human behavior between scarcity and want.
Vincent
yesss thats it
Tendai
economics is the study of man and his behaviors
toheeb
yh all is correct
Paul
ECONOMICS IS THE STUDY OF,HOW HUMAN BEINGS MADE DECISIONS IN THE TIME OF SCARCITY.
Bakshi
According to Professor Lionel Robbins" Economics is a science which study human behaviour as a relationship between ends and scarce means which have alternative uses".
Paul
According to Adam Smith, "Economics is a science which inquired into the nature and cause of wealth of nations. "
Tannu
economics is a science that studies human behaviour as a relationship between ends and scarce means which have alternative uses
Efua
everyone is correct
Ruth
More questions
Paul
What is utility
Isatu
what is the relationship between savings, consumption and investment
Samuel
according to dr.adam Smith," an enquire in to the nature and causes of the wealth of the nation. "1776.Economics is the studies of the wealth of the nation.
Dhanishhwar
what is elasticity
RELEBOHILE Reply

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Source:  OpenStax, Principles of economics. OpenStax CNX. Sep 19, 2014 Download for free at http://legacy.cnx.org/content/col11613/1.11
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