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The lecture described how taxing income may change savings behavior. Suppose instead that the government taxed consumption.
To be specific, suppose we have a two-period model. An individual earns labor income Y0 =$100k at time zero, and earns no labor income at time 1. The individual may consume or save that income. Savings grow at rate r=.03. For every dollar of consumption, the individual pays the tax rate τ=.30 to the government.
a. Graph the two-period budget constraint for consumption. What is the slope? Is this tax distortionary?
b. The government modifies the consumption tax somewhat so that the first $20k of consumption in each period is tax free. Now graph the budget constraint.
Suppose that in an economy a $40m increase in consumption leads a $200m increase in national income. Calculate the value of this economy's marginal propensity of save.
a tell why you selected the appropriate exponential smoothing method by commenting on your y data
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Explain why the productivity standard for the distribution of income entails rewarding people based on their contribution to society total output.
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What number of drivers appears to be most efficient in terms of output per driver and what number of drivers appears to minimize the marginal cost of transportation assuming that all drivers are paid the same salary?
Cammco Industries operates in a large competitive market. While there are some other comapnies in industry due to the high fixed costs of building plants, rival companies are very aggressive in their pricing strategies.
The costs of a purely competitive firm and a monopoly could be different because the competitive firm has a lower price. the monopoly might experience economies of scale not available to the competitive firm. the competitive firm is unregulated.
Give examples of scenarios that would cause a change in demand versus a movement along the same demand curve and supply curve for this product. Discuss the new equilibrium price and quantity that result from these changes. Can you demonstrate some..
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