Effect on opportunity cost for moms Higher level of education

1. Evolution of the HouseholdDetermine whether the below would increase or decrease the opportunity cost for moms who don’t work. Explain your answers.a. Higher level of educationb. Higher unemployment rates for womenc. higher average pay for womend. lower demand for labor in industries that employ mostly women2. Tax Rates. Suppose taxes are related to income as belowincome taxes1000 2002000 3503000 450a. what percentage of income is paid in taxes at each level?b. is the tax rate progressive, proportional or regressive?c. what is the marginal tax rate on the first 1000 of income? The second? The Third?3. Substitutes and complements. For each below determine whether the goods are substitutes, complements or unrelated?a. pb&jb. Private and public transportationc. COke and pepsid/ Alarm clocks and automobiles.e. Golf clubs and golf balls4. Demand Shifters. List 5 things that are held constant along a market demand curve and identify the change in each that would shift that demand curve to increase the demand.5. Supply. Why is a firm willing and able to increase the quantity supplied as the product price increases?6.Equilibrium Assume the market for corn is depicted as in the table below;Price per bushel Quantity demanded Quantity supplied Surplus/ Will priceMillions millions shortage rise or fall?1.80 320 2002.00 300 2302.20 270 2702.40 230 3002.60 200 3302.80 180 350Complete the tableWhat market pressure occurs when quantity demanded exceeds supply.What market pressure quantity exceeds demand?What is the equilibrium price?What could change the equilibrium price?At each price in the first column of the table below, how much is sold?

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