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Question 2, read the following text and answer:
The Earned Income Tax Credit: During the Clinton Administration, the Earned Income Tax Credit (EITC) was expanded considerably. The program provides a wage subsidy to low-income family through the tax code in a way similar to this example: Suppose you can earn $5 per hour. Under EITC, the government supplements your first $20 of daily earnings by 100% and the next $15 in daily earnings by 50%. For any daily income above $35, the government imposes a 20% tax. Suppose you have at most 8 hours of leisure time per day.
PartA: Illustrate your budget constraint (with daily leisure on the horizontal and daily consumption on the vertical axis) under this EITC.
PartB: Suppose the government ends up paying a total of $25 per day to particular worker under this program and collects no tax revennue. Identify the point on the budget constraint this worker has chosen. How much is he working per day?
The cost of the grapes may be as much as 60% of total production costs but varies greatly from lower-quality inexpensive wines to the highest quality wines.
Willie will receive all his operating expenses, and in addition will receive $2,000 each year for the decline in value of the automobile.
Discuss how elasticities should be used in pricing decisions. If you were responsible for setting the price of these volumes, what would you choose and why.
Which organization has a bigger markup. Explicate. Which organization has the bigger incentive for careful quality control
Producing nations outside the organization, like Britain and Norway, should do their share and cut production.
The ABC Bank of Bermuda has outstanding checkable deposits of $300,000 also a reserve ratio of 10%. If it has excess reserves of $15,000, illustrate what is the size of the bank's actual reserves.
Briefly discuss the similarities and differences between producer equilibrium and consumer equilibrium.
Suppose that on January 1, the price of one hundred yen was $0.80 and PPP held. Over the year, the Japanese inflation rate was 5 percent and the U.S. inflation rate was 10 percent.
Which strategy offers both Westinghouse and General Electric the best financial outcome. Among which of the following is an example of a good with an inelastic supply.
Elucidate why a firm might want to produce its good even after diminishing marginal returns have set in and marginal cost is rising.
illustrate what would be the government spending multiplier. What would be the taxation multiplier.
Suppose that the Indian government reduces its deficit and returns to a balanced budget. If other thing remian the same, how will the demand or supply of loanable funds in India change.
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