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Consider a person who can work up to 80 hours each week at a pre-tax wage of $20 per hour but faces a constant 25% payroll tax. Under these conditions, the worker maximizes her utility by choosing to work 40 hours each week. The government proposes a negative income tax whereby everyone is given $200 each week and anyone can supplement her income further by working. To pay for the negative income tax, the payroll tax rate will be increased to 50%.
(a) On a single graph, draw the worker’s original budget line and her budget line under the negative income tax.
(b) Show that the worker will choose to work fewer hours if the negative income tax is adopted.
(c) Will the worker’s utility be greater under the negative income tax?
A consumer has a budget of $200 to spend on bowling (b) and tutoring sessions (t). Assume that each game of bowling costs $16 and each tutoring session costs $20. Draw the consumer’s budget line on the graph below. Put bowling on the “x” axis. What i..
Now suppose that at the end of the year, Apple has sold 20.3 million iPhones. What was Apple's planned investment? What was apples actual investment?
Comparative advantage of each country. the range of relative wage between country A and B:WA/(WB*E). Labor hours required to produce S or T in country A and B: Suppose that there are 20,000 hours of labor available in country A, and that 5 hours of l..
A narrowly diverse culture is always desirable in organizations. The chain of command outlines the planned configuration of positions, job duties, and the lines of authority among different parts of the organization. Task-oriented behavior involves c..
Suppose you are the economist of Didier Enterprises - a firm that manufactures ballistic missiles. Based on the estimates provided by a consultant, you know that the relevant demand and cost functions for the missiles are Q= 25 -.5P and MC = 2. What ..
Identify the long-run determinants of exchange rates and the short-run determinants of exchange rates. In a free market, what determines exchange rates in the long-run and the short-run?
After reading the article U.S.A comes up a bit short in global Better Life Index and comparing the relative ranking of U.S. GDP to other countries, what is the link between wealth and well-being? Do governments have a responsibility to address well-b..
Consider the Golden Rule level of capital. Suppose a country found out that they are overcapitalized, that is their current steady-state capital stock per worker is greater than the Golden Rule level. What does that imply for their level of MPK relat..
China has begun to allow gradual changes in the RMB/dollar rate since 2005. There are still observers believed the RMB is undervalued. Which of the following statement is true holding other things constant?
Consider a market containing four firms, each of which produces an identical product. The inverse demand for this product is p = 100 ? Q. The production cost for each firm is identical and given by C(qi) = 20qi , i = 1, 2, 3, 4. This means that for e..
The Federal Reserve policy known as “Quantitative Easing” or QE is the Fed
Maximizing profit for an economist is:
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