Calculate the tax for each segment

Assignment Help Microeconomics

Reference no: EM133706592

Question: Imagine a highly economic country 'W' has made a rule on income tax in the following way:

a. If a person has an income up to 2200$, he is taxed at rate of 10% of his income.

b. If he has an income above 2200$ and up to 8945$, he is taxed at rate of 18.5% and

c. If he has an income more than 8945$, he is taxed at rate of 30%.

(Note that every penny people earn is taxable and comes in any of the three slabs and is properly and stringently justifiable).

Based on the above scenario, answer the following questions:

(i) Represent the above rule that country W has made as a piecewise function mathematically using the symbol ≤ or any other relevant symbol.

(ii) Take any income that comes in each slab from the country W and calculate the tax for each segment.

Reference no: EM133706592

Questions Cloud

What does this event tell you about the supply elasticity : The price of flour? skyrocketed, but within a few months the price had returned to normal levels. Part 2 What does this event tell you about the supply

How many units need to be produced per minute to match : product per day and there is 14 hours of production time available each day across two shifts, how many units need to be produced per minute to match market

Do you believe that the government should frame policies : Do you believe that the government should frame policies that push individuals more toward private flood insurance rather than public support

Does the traditional economy have any trading at all : Does the traditional economy have any trading at all? How do you know this and How is the price determined in a Market economy? Explain with an Example

Calculate the tax for each segment : Represent the above rule that country W has made as a piecewise function mathematically using the symbol = or any other relevant symbol

Address the problem of high inflation currently facing : The article states that South Korea should maintain restrictive monetary policy. Explain how this may address the problem of high inflation currently facing

How has the law of supply impacted your life : When prices increase, did you choose to purchase a substitute good? How has the law of supply impacted your life

Describe role and value of entrepreneur to economic process : develop a 2 pages paper by choosing one of the topics: Describe the role and value of an entrepreneur to the economic process.

What were the unemployment rates for adult women : What were the unemployment rates for adult women, teenagers, blacks, Hispanics, and whites? How did these rates compare with those a month earlier

User Account

All Pages