Using indifference curve diagrams assess the welfare effects of a price subsidy compared with a lump-sum subsidy
Question:
Using indifference curve diagrams assess the welfare effects of a price subsidy compared with a lump-sum subsidy for childcare:
(a) Which subsidy provides a bigger benefit to the recipient?
(b) If a parent did not receive a subsidy, would they still have a preference for the type of subsidy the government pays?
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a Graph for the welfare effect of price subsidy In the above graph PQ1 represents the original budge...View the full answer
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