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ECON1110_HW6 - Introductory Microeconomics ECON 1110...

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Introductory Microeconomics – ECON 1110 Homework Assignment #6 The homework assignment is due at the start of class on Thursday, Dec 4. You are permitted to work in small groups, but you must submit your individual answers. Please be neat, or else you may not receive full credit. On any graphs you must correctly label all axes with the appropriate units of measure. Note that unless information is presented to the contrary, you can assume that the demand curve is downward sloping and the supply curve is upward sloping. 1. You must indicate whether the following statement is True, False, or Uncertain, and explain your reasoning. Points will be awarded solely on the basis of your explanation. “One economically defensible argument in favor of government provided health car is that there is an element of public goods to providing services to those who can’t afford to pay for them” 2. The following table lists the Unit, marginal value (MV), and marginal cost (MC).
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