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A new income tax policy has been proposed in the legislature. The policy would require individuals with incomes of $15,000 or less to pay no tax and for those with incomes above $15,000 to a pay a tax of 10% only on the part of their income that exceeds $15,000. Members of the legislature are unsure of the impact that the proposed policy would have and have asked the Fiscal Research Division to investigate. The task has been assigned to you. You report directly to the direct of the division. Your analysis of the tax should address the following questions: 1. Could an individual pay an average tax rate of 7.5% under this system? 2. Could an individual pay an average tax rate of 10% under this system? 3. What average and marginal tax rates would individuals with these income levels face: $10,000, $20,000, $40,000, and $150,000? 4. Are there concerns about equity with the policy?
Suppose you are the manager of a restaurant that serves an average of 400 meals per day at an average price per meal of $20. On the basis of a survey, you have determined that reducing the price of an average meal to $18 would increase the quantity d..
Assume you developed a process for underfilling of flip chips and sent that on to manufacturing where they are happily producing product. One day manufacturing stops because the underfill doesn't flow as usual -- something is changed about the underf..
Monopsony and the Minimum Wage. A monopsonist firm operates according to the production function: Y = L where L is labor. Workers supply labor to the firm according to the following labor supply function: L = (alpha)(w). Write down the full the profi..
Explain why might the private market not reach the socially optimal level of traffic without the help of government.
During 2009, the demand for LCD televisions appeared to be falling. At the same time, some industry observers expected that several smaller television manufacturers might exit the market. What would a price ceiling set below the resulting equilibrium..
Explain any additional variables that may improve the coefficient of determination. Based on the forecasting demand, determine whether Dominos should establish a restaurant in your community. Provide a rational and support for the decision.
Electric cars: Now consider the invention of cheap electric vehicles. Explain how you imagine the invention of cheap electric cars would affect the demand for gasoline? Why? Which determinant of demand or supply would be affected?
Suppose the monopolist is regulated to charge a rate which covers all unit cost and total cost, what is this rate and how many units will the monopolist produce?
Suppose that you are trying to determine the after effects of hurricane Katrina on the economy of Louisiana. Which assumptions could be made to simplify the study? Consider the effects on all of Louisiana’s interstate trade partners. Determine the ef..
According to Friedman and Phelps, when is the unemployment rate above the natural rate?
Suppose u(c, c') = ln c+β ln c' , there exists N consumers and each consumer lives for 2 periods. In each period they receive an endowment y, y' and are taxed t, t'. Derive the lifetime budget constraint for both the consumer and government. Define e..
Why is general equilibrium analysis an important tool to understand, in particular, in the context of policy analysis? Use an example that illustrates the importance of general equilibrium analysis, over and above partial equilibrium analysis, as par..
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