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Suppose that you can work anywhere form 0 to 24 hours per day at a wage of $1 per hour. You are subject to a tax of 50% on all wages over $5 per day (the first $5 per day is untaxed). You elect to work 10 hours per day.
a. Show your budget constraint between labor and wages, and show your optimum point.
b. Suppose that the tax law is changed so that all wages are subject to a 25% tax. Do you now work more or less than 10 hours? Does the government collect more or less tax revenue than before?
calculate the expected value of each investment. draw a bar chart for each investment. calculate the standard deviation of each project. Determine which of the two investments the investor should choose.
Elucidate are the characteristics of the market for lemons.
Elucidate as accurately as you can how each of the following individuals which would be affected by unanticipated inflation of 10 percent per year.
To what extent were monetary factors responsible for the recession of 1981 and 1982? Provide a full analysis and be specific. Please site references where appropriate.
A monopolist has a constant marginal and average cost of $10 and faces a demand curve of Q D -Calculate the monopolist's profit maximizing quantity, price and profit.
Explain how can this be sustained if people switch over to high priced goods which causes employees and companies in the lower priced goods market to go out of business.
In light of the theory of comparative advantage, "Are Any Restrictions On Free International Trade Advantageous. Discuss comment on the current issue of "Exporting Jobs".
A traditional definition of economics 'efficient utilization of limited productive resources for the purpose of attaining maximum satisfaction of human material wants.'
Illustrate what are your preconceptions of economics. Do you think economics will be a relatively difficult course.
In each of the cases listed below determine what this consumer needs to do (in terms of purchasing X and Y) to maximizes their utility.
Suppose a closed economy, with fixed prices, represented by the following set of equations, Where, D is the aggregate demand, and C is consumption;
What did the central banks do to stabilize the financial systems in 2007-2009 and Describe when and why central banks buy either their own currency or the currency of another nation in an effort to control exchange rates.
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