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Consider a small modification to the one period labor supply problem that we studied in class. Specifically, assume that the individual seeks to maximize utility, U(C) + V(Leisure) subject to the budget equation PC = W L + D. The only new element in this problem is D, which represents dividend income that the individual receives. The government is going to institute some taxes, and is considering two different options. Option one is a proportional tax on labor income, i.e., a tax on labor income at rate τL. The second option is a proportional tax on dividend income, i.e., a tax on dividend income at rate τD. Assume that whichever option is chosen, the tax rate will be set so as to raise the same amount of revenue from this individual. Contrast the implications of these two different tax options for the choices of C and L that the individual makes. In answering this question assume that the values of P, w, and D are not affected by the tax plan.
Consider now an economy where you need to search for a job. Let b be the fraction of people that do not have a job and are searching for one. Write the equations describing the dynamics of those employed (E) and those who are not employed (NE). Compu..
The GDP is a total market value of final goods and services produced within a country over time. Why is this a reflection of this country's cost of living so varied making expenditures.
You are the manager of a firm that receives revenues of $60,000 per year from product X and $90,000 per year from product Y. The own price elasticity of demand for product X is -1, and the cross-price elasticity of demand between product Y and X is 1..
Supposes a perfectly competitive, increasing-cost industry is initially in long-run equilibrium and demand suddenly increases. Explain how demand change affects price and quantity and who benefits from increased demand.
What are examples of a perfectly/purely competitive firms that you have recently purchased a product from in the last couple of months? Explain how you relate your answer to the market characteristics.
For a conservation course- Provide an example of green accounting or environmental economics in action (e.g., Bacuit Bay, Philippines) Alternatives to current economic paradigm-And, explain the relationship between international competitiveness and ..
q.assume that we have a expenditure function of the form c 220 0.9timesyp where yp is permanent disposable income.
Explain why an industry in a perfectly competitive marketplace would choose to remain in business, if its profit is zero at equilibrium.
In the year 2011 the prices at which producers sold their output were quite real to those producers. If they had tried to sell their products at 1983 prices their customers and stockholders would have rightly thought the producers had lost touch with..
An article in the Wall Street Journal reported that large hotel chains, such as Marriott, are tending to reduce the number of hotels that they franchise to outside owners and increase the number the chain owns and manages itself. Why would Marriott w..
Organizational behavior-A strong social and physical work context means that environment is supportive. Give real examples of how this works.
Critically evaluate measures used by governments and central banks to manage the economies of their countries. By critical evaluation use convincing arguments for or against measures used to re-duce, minimise or alleviate economic difficulties many c..
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