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Prior to 1981, the government imposed only a 67 percent (instead of a 100 percent) marginal tax rate on income earned by a mother receiving AFDC. Draw the budget constraint before 1981 and after 1981. Draw the indifference curve of someone who prefers to remain out of the labor force under both regimes. Draw the indifference curve of someone who worked before 1981 but chose not to work after 1981. Show how, for this person, lowering the tax rate will increase utility, reduce costs to the welfare system, and increase labor supply. Finally, draw the indifference curve of someone who worked both before and after 1981. Show how, for this person, the lower tax rate affects AFDC costs and affects labor supply. What can you say about government policy if there are some individuals of the first type, some of the second type, and some of the third type?
A civil engineering consulting firm is evaluating its cash flow requirements for the next 7 years. The company expects to replace computer equipment and furniture at various times over the 7-year planning period. Specifically, the company expects ..
A prize is randomly placed in one of ten boxes, numbered from 1 to 10. You search for the prize by asking yes-no questions. Find the expected number of questions until you are sure about the location of the prize, under each of the following strat..
Which of the three gambles given is best for this consumer (granting the validity of all her judgments)?
what happens to labor demand? What will happen to the wage rate if the economy has many firms in this position? Does this analysis support Baumol's law?
at a price of $1 each, 200 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es = 1). In the long run, a price increase from $1 to..
A man wishes to set aside money for his daughter's college education. His goal is to have a bank savings account containing an amount equivalent to $20,000 in today's dollars at the girl's 18th birthday. The estimated rate is 8%
Why does this result in imperfect competition? How can international trade be based on product differentiation?
In a competitive market, the market-determined price is $25. For a typical firm producing 10,000 units of output, the firm's average cost reaches its minimum value of $25. Is this firm making the profit-maximizing decision? If not, what should the..
What are the principal sources of government revenues in developing countries? Why are many taxes so difficult to collect? Discuss. In what ways do you think taxation and expenditure systems in developing countries could be improved? Be specific.
Derive GGC's marginal revenue (MR) and marginal cost (MC) curves in each market. Show graphically GGC's demand, MR, and MC curves for each market.
Is this car free because the winner pays zero for it?
A system consists of n identical components, each of which is operational with probability P. independent of other components. The system is operational if at least K out of the n components are operational. What is the probability that the system..
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