1. President Biden was in Howell, Michigan, on Tuesday, 10/05/21. He was there to talk about his administration's proposed "Build Back Better" plan. A.

Do a quick internet search about it, and list at least four of its policy components (i.e. don't focus on the tax code changes).

B. Assuming it gets implemented, what concept (related to the PPF and unit labor cost) do you think may be positively affected? Fully yet briefly explain why. 

C. How would you model this? There are two possible graphs you can use.

3. List the two ways producer surplus can be measured.

4. Assume that in the market for smartphones, c.p., a consumer is willing and able to pay a maximum price (P) of $1,200 for a smartphone. Also assume that, c.p., a producer is willing and able to accept a minimum P of $500 to produce and sell a smartphone.

Answer rating: 100% (QA)

A The Build Back Better plan includes a 2 trillion investment in infrastructure clean energy and research and development 400 billion investment in home and community care for ageing Americans and peo... View the full answer