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1.Currently, the social security payroll tax in the United States is evenly divided between employers and employees. Employers must pay the government a tax of 6.2 percent of the wages they pay, and employees must pay 6.2 percent of the wages they receive. Suppose the tax were changed so that employers paid the full 12.4 percent and employees paid nothing. Would employees be better off?
2.You know that if a tax is imposed on a particular product, the burden of the tax is shared by producers and consumers. You also know that the demand for automobiles is characterized by a stock adjustment process. Suppose a special 20-percent sales tax is suddenly imposed on automobiles. Will the share of the tax paid by consumers rise, fall, or stay the same over time? Explain briefly. Repeat for a 50-cents-per-gallon gasoline tax.
The most obvious benefit of specialization and trade is that they allow us to work more hours per week than we otherwise would be able to work or else.
Sal Pizza Shop has a unique recipe for pizza, and currently its optimal price is $20 per pizza at a quantity of 200 pizzas per week. Its marginal cost is $12 per pizza when it produces fewer than 180 pizzas per week. The marginal cost is $15 per pizz..
If you both bring supplies to squeeze your own lemons, you can keep up with flow of customers, can charge more per cup and make about an average of $54.60 If you both bring some awful, over-sweetened powdered lemonade mix, you can keep up with th..
Singer Taylor Swift has a monopoly over a scarce resource: herself. She is the only person who can produce a Taylor Swift concert.
An investment opportunity will pay $10 with a 20% probability, $20 with a 40% probability, $30 with a 30% probability, and $40 with a 10% probability. what is the standard deviation of the investment?
An industry said to be characterized by monopolistic competition is the apparel industry. Suppose you were hired as a consultant by a firm in this industry. How would advise the firm as to the levels of output
Below is the entire assignment. I have most of the answers but I do not know how to respond to the final question in the first part "What does your anticipated adjustment process imply about the CR for the industry
Which of the following methods is used by unions to increase the demand for the labor of its members? what is an agreement between a manufacturer and a distributor on the price at which a product will be resold.
Explain the concepts of consumer surplus and producer surplus, and then use these to demonstrate that a price ceiling is less efficient than equilibrium in a supply and demand analysis. Articulate why the price ceiling results in either a shortage..
Use a supply and demand diagram to illustrate the following conditions a. Cost -push inflation caused by a labor union successfully negotiating for a higher wage. b. Demand-pull inflation caused by an increase in demand for domestic products from for..
Craft Unions Both industrial and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.
Find the supply function for the hospitals and Suppose the hospitals merge into one umbrella organization to improve their bargaining position. What would the new price and equilibrium be?
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