02 Jun Question 1. Stability is a property of models mean
Question
1. Stability is a property of models meaning that if a natural or equilibrium state is disturbed, then forces are at work to return to the natural, or equilibrium state.
a. Regarding supply and demand models as discussed in class, with respect to price and quantity explain why or why not the model is considered stable by the above definition.
b. Suppose we lived in another universe where both demand and supply curves slope upward. The supply curve would slope upwards in that other universe for the same reason it slopes upward in our universe – rising costs of production on a per-unit basis. Demand curves would also slope upwards because of the behavior of buyers in that other universe. In a world where demand and supply slope upwards if an equilibrium is where the supply and demand intersect, is the equilibrium stable with respect to price and quantity – fully explain why or why not.
2. This question concerns the Economics of a current issue. The “minimum wage” debate was alive and well last spring. From the perspective of a supply and demand approach a minimum wage is a price floor.
a. Present a supply and demand analysis, complete with appropriately marked graphs showing what happens if a minimum wage is imposed on a labor market. Don’t just say excess supply of labor, show what the excess supply of labor is. Clearly point out who the demanders of labor are and who the suppliers of labor are.
b. Using your graph and modeling effort from part a. please describe who “wins” and who “loses” when a minimum wage is imposed. You must tie the winners and losers to the graph you created for part a.
c. Do the following
i. Identify what you feel is the primary goal of a minimum wage law.
ii. Identify at least two policy tools that accomplish the major goal of minimum wage legislation in different ways. Demonstrate the impact of each in the supply and demand model you developed for part a above.
3. Do some research to understand and outline the major pieces of the Ice Bucket Challenge craze that swept the United States in recent months. Explain at least one way that participation in the “Ice Bucket Challenge” process may be considered as contributing to a form of crowding out as envisioned by Michael Sandel.
4. Please do the following.
a. We are interested in determining the costs of serving the homeless. Please find sources (at least 2) on line that document the cost of serving the homeless population. While there may be total cost estimates we also want to find estimates by type of cost if possible. What are the types of costs? Housing costs, medical assistance, police services, etc. I don’t want to fine tune the type of cost question too much, I want your thoughts on what the types of costs should be.
b. With an estimated cost of servicing the homeless now we want to look at the costs of programs of the type “homeless first” or supportive care in which there is some form of housing provided along with some form of access to social services encouraged (usually a social worker). Please find estimates of the cost of this type of housing. What we are looking for is the idea that we have seen many references to the idea that providing supportive care in some type of home is much cheaper than having the homeless people living outside of shelters, etc.
c. Compare your results in part a. and b.
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