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Suppose that you can work anywhere from 0 to 24 hours per day at a wage of $1 per hour. You are subject to a tax of 50% on all income over $5 per day (the first $5 is untaxed). You elect to work 10 hours per day.
A) Show your budget constraint and your optimum point.
B) Suppose that the tax law is changed, so that all income is subject to a 25% tax.Do you now work more or less than 10 hours? Does the government collect more or less revenue than before?
C) Which do you prefer: the old tax la or the new one?
According to the News on page 159, (a) By what percent did GDP decline (b) How much output was lost in the $14 trillion economy (c) How much income did this represent for each of the 300 million U.S. citizens
suppose in 2010, the cost of a market basket of goods was $2001. In 2012, the cost fo the same amrket basket of goods was $2,105. Calculate the price index for 2012, using the price index formula, asume 2010 is the base year________
What is the Marginal cost of one more passenger on a 1,200 mile flight if there are between 250-300 passengers. If the number of passengers is 300 and the flight is between 1,200 and 2,500 miles, what is the marginal cost of flying an additional mi..
A friend convinces you that she has a great idea for a business, and the two of you incorporate. You supply her with funds and let her make all of the executive decisions. Under the agreement you hold 30 percent of the firm's stock and your friend..
In order to have money available for replacing their family vehicle, a couple planned to have $220,000 available in 10 years by investing. If they plan to increase their savings by 10% each year, how much must they invest in year 1 if they expect ..
Economists estimate that on weekends the demand for your product is much higher than on the weekdays (monday-wednesday). On weekends. the inverse demand curve for a typical customer is P= 10 - 0.001Q; on weekdays, it is P=5- 0.01Q.
design two packages for the second-degree price discrimination case so that the first package has quantity 8 for the high demand and the second one has quantity 6 for the lower demand such that the low demand group has consumer surplus at least $5..
If American workers produce 4 cars a year and 10 tons of grain and Japanese workers can produce 4 cars per year and 15 tons of grain, what would the PPF (Production Possibilities Frontier) graph look like
The Present value of the following 2 cash flows are equivalent if the interest rate is i. Which one is more valuable if the interest rate is 2i? P=F(1+i)^-n Option 1 = 3 periods Option 2 = 2 periods.
A successful engineer wants to fund an endowment for a university which will pay $10,000, $15,000, $20,000, and $25,000 for the 1st, 2nd, 3rd, and 4th quarters respectively, each year, forever. For an interest rate of 8% compounded quarterly
The university is selling bonds to cover the cost of a new power plant for UAF. The face value on the bonds is $100 million and is to be repaid in 10 years with coupons paid annually. There is a 15% chance the effective interest rate will be 5%, 2..
Determine the Herfindahl index for an industry composed of three companies one with 70% of the market, and the other two with 20 and 10 percent of the market respectively one company with 50% share
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