Name three products for which subjectivediscretionary income might be a better predictor ofconsumption than actual income. Justify your answer.
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Name three products for which subjective
discretionary income might be a better predictor of
consumption than actual income. Justify your answer.
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- both attachments are one questionWhat relationship exists between income and well-being in the well-being curve found in the figure? Satisfaction (0-10 scale) 7.45 7.40 Average responses from surveys asking where you stand between the best possible life for you (which is 10/10) and the worst (0/10). 6.5 5.7 Small fall in well-being of rich Large rise in well-being C of poor B To the poor $0 $20,000 $45,000 Well-being curve From the rich B $175,000 $200,000 Annual income a negative relationship with increasing marginal gains in well-being as income rises a negative relationship with decreasing marginal gains in well-being as income rises a positive relationship with increasing marginal gains in well-being as income rises Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.What relationship exists between income and well-being in the well-being curve found in the figure? Satisfaction (0-10 scale) 7.45 7.40 Average responses from surveys asking where you stand between the best possible life for you (which is 10/10) and the worst (0/10). 6.5 5.7 Small fall in well-being of rich Large rise in well-being of poor $0 $20,000 $45,000 A Well-being curve To the poor From the rich $175,000 $200,000 Annual income a negative relationship with increasing marginal gains in well-being as income rises a negative relationship with decreasing marginal gains in well-being as income rises a positive relationship with increasing marginal gains in well-being as income rises
- What type of variable is Life ladder, or the happiness score index, as reported in the world happiness report?You are interested in the effect of income on health, where a linear regression will lead to classical selection bias. One option is to use the income of the neighborhood as an instrument of an individual’s income. Is this a good instrument? Explain.Why do people confuse correlation with causation
- e(p, u) = up1αp2βp3γ Find the indirect utility function Find the Walrasian demand function Verify Roy's identity Recover consumer's direct utility functionIn a company, the interest of the owners, who seek to maximise profits, may differ from the interest of the manager, who seek prestige and high income. this divergence would be considered:A 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.
- Medicare recipients can purchase supplemental private insurance (known as Medigap insurance) to fill the gap in coverage left by Medicare. This gap includes copayments, deductibles, and prescription drug expenses not covered by Medicare. Several years ago, the government enacted regulations that specify minimum standards for items that Medigap policies must cover. This made the policies more expensive, and as a consequence, about 25 percent of the elderly who would have purchased some Medi-gap insurance purchased none at all [Finkelstein, 2004]. Consider an individual who consumes two goods, "insurance" and "all other goods." The cost of a unit of Medigap insurance is $1, as is the cost of a unit of all other goods. Sketch a budget constraint and set of indifference curves that are consistent with the following scenario: In an unregulated market, an individual with a $30,000 income purchases $5,000 worth of Medigap insurance. The government then puts mandates on Medigap policies that…like to be perceived. This underlying psychological force is what often spurs a person to fill this perceived gap (i.e., between where I am and where I want to be) through a purchase. The underlying force driving the individual to fill the gap is also referred to as the individual's:Determine whether each of the statements given is true or false.