Suppose that the president proposes a new law aimed at reducing healthcare costs: All Americans are required to eat one apple daily.

a. How would this apple-a-day law affect the demand and equilibrium price of apples?

b. How would the law affect the marginal product and the value of the marginal product of apple pickers?

c. How would the law affect the demand and equilibrium wage for apple pickers?

Suppose that the president proposes a new law aimed at reducing healthcare costs: All Americans are required to eat one apple daily.

How would this apple-a-day law affect the demand and equilibrium price of apples?

Imagine that your job as a healthcare professional is to take a blood sample from a patient and store it in a small container in a refrigerator until it is picked up for analysis in the hospital lab. You might have to put on gloves and a mask, use a plastic syringe with a metal needle, store the sample in a test tube or vial, and place it in a cold refrigerator. Pick five objects you might encounter during the process and decide if they are made of naturally occurring or synthetic materials.

Suppose that the president proposes a new law aimed at reducing healthcare costs: All Americans are required to eat one apple daily.

How would the law affect the demand and equilibrium wage for apple pickers?

Suppose that the president proposes a new law aimed at reducing healthcare costs, All Americans are required to eat one apple daily.

How would the law affect the demand and equilibrium wage for apple pickers?

Suppose that the president proposes a new law aimed at reducing healthcare costs: All Americans are required to eat one apple daily.

How would the law affect the marginal product and the value of the marginal product of apple pickers?

Explain how the wage can adjust to balance the supply and demand for labor while simultaneously equaling the value of the marginal product of labor.

Maya divides her income between coffee and croissants (both of which are normal goods). An early frost in Brazil causes a large increase in the price of coffee in the United States.

a. Show the effect of the frost on Maya's budget constraint.

b. Show the effect of the frost on Maya's optimal consumption bundle assuming that the substitution effect outweighs the income effect for croissants.

c. Show the effect of the frost on Maya's optimal consumption bundle assuming that the income effect outweighs the substitution effect for croissants.

Describe how antipoverty programs can discourage the poor from working. How might you reduce this disincentive? What are the disadvantages of your proposed policy?

Explain how a firm’s production function is related to its marginal product of labor, how a firm’s marginal product of labor is related to the value of its marginal product, and how a firm’s value of marginal product is related to its demand for labor.

Draw a consumer’s indifference curves for wine and cheese. Describe and explain four properties of these indifference curves.

You consume only soda and pizza. One day, the price of soda goes up, the price of pizza goes down, and you are just as happy as you were before the price changes. a. Illustrate this situation on a graph. b. How does your consumption of the two goods change? How does your response depend on in come and substitution effects? c. Can you afford the bundle of soda and pizza you consumed before the price changes?

Carlos consumes only cheese and crackers.

Suppose that cheese is a normal good for Carlos while crackers are an inferior good. If the price of cheese falls, what happens to Carlos's consumption of crackers? What happens to his consumption of cheese? Explain.

A basic finding of labor economics is that workers who have more experience in the labor force are paid more than workers who have less experience (holding constant the amount of formal education). Why might this be so? Some studies have also found that experience at the same job (called job tenure) has an extra positive influence on wages. Explain.