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C. True or False; Please explain (5x3=15) 1. Suppose the government is considering a program to give housing vouchers to poor people. Assume the value
C. True or False; Please explain (5x3=15) 1. Suppose the government is considering a program to give housing vouchers to poor people. Assume the value of the voucher is greater than the amount currently being spent on housing per month by poor people. Voucher systems have no impact on the housing market. 2. For the production function Q = OK + bL, Where the variables are graphed as usual, the QaK b . equation for a typical isoquant is L = 3. Assume that the price of goods x increases. If x is a normal good, the substitution effect alone leads to a decrease in consumption of X
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