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1. What is a consumption function, and why is it a useful device for government economists planning a tax cut?
2. Explain why permanent tax cuts are likely to lead to bigger increases in consumer spending than temporary tax cuts do.
3. In 2001 and again in 2003, Congress enacted changes in the tax law designed to promote saving. If such saving incentives had been successful, how would the consumption function have shifted?
a. Calculate the average product of labor, APL and the marginal product of labor, MPL. b. If workers at the firm are paid a competitive wage of $100 and the product is sold for $200 each, what is optimal level of labor usage and what is the maximu..
Suppose that the economy starts at equilibrium and the mpc =0.8. What would be the effect of a 500 increase intaxes once all the rounds of the multiplier process are complete
At what point is the function not differentiable?
Suppose the government imposes a tax of $4 on beverage B, and the price increases by the amount of the tax. How will the consumer respond?
John's Lawn Mowing Service is a small business that acts as a price taker. John's short-run total cost is given by STC = 0.1q2 + 10q + 50, where q is the number of acres John chooses to cut a day. Total fixed cost is TFC = 50 and total variable co..
Assume a worker (W) can produce output (X) for an employer by increasing his effort (E) according to the following equation: X = (1.5)E. Assume that the compensation paid by the employer (Y) increases the utility of the worker,
Suppose instead of finding out about contract cancellation after it builds the plant, the firm finds out about cancellation before it builds the plant. Draw a new decision tree corresponding to this new sequence of decisions and events. Again assu..
There are 20 million households in Country X and 4 million of them are below the poverty line. What is the poverty rate for Country X?
An economy has 2,000 people. 1,000 of them have utility functions U(x, y) = x + y and 1,000 of them have utility functions U(x, y) = min{ 2x, y}. Everybody has an initial allocation of 1 unit of x and 1 unit of y. Find the competitive equilibrium ..
the australian government administers two programs that affect the market for cigarettes. first media campaigns and
Suppose the production manager is told to minimize the short-run total cost of producing Q units of output. While total output Q is exogenous, the manager can choose how much to produce at plant 1 (Q1) and at plant 2 (Q2), as long as Q1 + Q2 = Q.
How is the equilibrium modified if there is a continuum of consumers, each of whom is ‘‘small'' relative to the economy?
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