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Assume that a country has a simple tax structure, in which all income over $10,000 is taxed at 20 percent. Evaluate a proposal to increase the progressivity of the tax structure by requiring all those with incomes over $100,000 to pay a tax of 80 percent on income in excess of $100,000. Draw a high-wage earner's budget constraint. How does the surtax affect her budget constraint? What happens to her incentives to work? Is it possible that imposing the tax actually will reduce the tax revenues the government receives from the rich?
Susanna Nanna is the production manager for a furniture manufacturing company. The company produces tables (X) and chairs (Y). Each table generates a profit of $80 and requires 3 hours of assembly time and 4 hours of finishing time. Each chair gen..
Suppose Sue and Joe agreed to collude and jointly maximize their profits. If Sue and Joe were to be able to repeatedly play the game shown earlier and they agreed on a penalty for defecting from their agreement, what is the likely outcome of the
Blockbuster Movie Rentals has market power in the previously viewed video sales market. The demand curve for blockbuster movies is QD = 10 - 0.4P -> P = 25 - 2.5Q. Blockbusters marginal revenue function is MR(Q) = 25 - 5Q.
Can you give some examples of these price differences from your experience at normal and upscale supermarkets? Visit a couple of same-industry stores such as Walmart and Whole Foods to collect data if necessary. (Related to Application 4 on page 3..
Labor is the only input used by a perfectly competive firm. It hires workers for $50 a day. The firm's production function is shown in the following Table. Each unit output sells for $10. a.) complete the table to show the marginal product oflabor ..
Analyze the most significant economic effects of the researched issues on health care industry. Provide at least two (2) examples of these issues to support your response.
For 6 months a year, the Laffer store experiences a lot of demand, so during this period it hires 40 workers. It pays each of them $100 per day. For the rest of the year, the store experiences much less demand, so it hires only 20 workers
Under pressure from lobbying groups, the President of a newly-independent country implements a minimum wage of $6/hour. The eq'm wage is currently $7/hour, eq'm Q of labor is 35 hours. Using generic QLS and QLD labels (if necessary).
A farmer uses M units of machinery and L hours of labor to produce C tons of corn. A) Suppose the production function is C = L(0.5) x M(0.75), does the production function exhibits increasing returns to scale, decreasing returns to scale or consta..
When the price of oranges increases from $1.00 per pound to $1.50 per pound, quantity demanded falls from 500 pounds to 400 pounds. Calculate the price elasticity of demand. Is the demand for oranges price elastic, inelastic, or unit elastic.
According to the following economic indicators, estimate the outlook of this fictitious economy. Although I know what these indicators mean,
suppose the world price for a good is 40 and the domestic demand and supply cureves are given asdemand p80-2qsupply
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