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If the labor supply curve is very elastic, a tax on labor:
a. has a large deadweight loss.
b. raises enough tax revenue to offset the loss in welfare.
c. has a relatively small impact on the number of hours that workers choose to work.
d. results in a large tax burden on the firms that hire labor.
Discuss each of the following statements from the standpoint of equity and efficiency. Everyone in society should be guaranteed the best health care possible. When workers are laid off, they should benefits until they find a new job. Which of the fol..
Consider an auction with 1,000 risk-neutral bidders. It is know that these bidders have affiliated values. Based on this information we know the expected revenues for the different auction types will be
The cost of maintaining a public monument in Washington, D.C., occurs as periodic outlays of $1,000 every year and $5,000 every 5 years. If the first outlay is now, the capitalized cost of the maintenance at an interest rate of 10% per year is closes..
In converting the residual to a student zed (standardized) residual for a given observation, the residual for the observation is divided by the residual's __________.
Draw Bob's budget constraint (put skinny ties on the horizontal axis). Bob’s preferences lead him to choose a combination of 4 DVDs and 30 skinny ties. Draw the indifference curve that leads him to this choice. What is his marginal rate of substituti..
If demand is estimated to be Qd = 240 - 6P, the marginal revenue function is
Bob’s utility function is given by . 0.5 0.5 U = X Y Bob earns $400. The price of X is $2 and the price of Y is $4. a. What is Bob’s optimal consumption bundle before any price change? b. Suppose the price of X increases to $4. What does Bob consume ..
A sum of sufficient magnitude is to be invested now so that starting in 10 years from now an amount of $2500 per year can be paid in each of 8 succeeding years. The unexpended money remains invested at 6% compounded annually. How much must be allo..
Find an article (newspaper, magazine, or online) that shows the use of money. Your article shows money performing (or failing to perform) at least one of the following functions: (a) medium of exchange, (b) store of value, or (c) standard of value. W..
"In a recent 'earnings call,' a teleconference call to shareholders in which the CEO reports and discusses quarterly earnings per share, Coca-Cola's CEO Muhtar Kent bragged about 'winning' market share from rival beverage company PepsiCo. The WSJ rai..
A kinked demand curve is most likely to occur when other firms. The difference between the price firms would be willing to accept for their goods and the price they actually receive is called. Under conditions of perfect competition, maximum profit o..
Suppose two countries, A and B, with the same production function Y = K? L 1?? . The value of ? is 0.30, the growth rate of population is 2% and the depreciation rate is 5%. Compare both economies to the Golden Rule.
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