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Suppose that Taher's pizza business operates under competitive conditions and that his short-run production function is q=20^E .
a) How much labor does he employ if the price of each pizza is p = $12 and the hourly wage is w0 = $6? [Hint: In this case, it can be shown that the marginal product of labor is MPE = 10/ square rootE. ]
b) What happens to the quantity of labor he demands if the wage increases to w1 = $12?
c) Once again assume w = $6 but suppose the government imposes a tax of 25% on each dollar he pays his workers, to cover their health insurance costs (called a payroll tax). Ceteris paribus, what happens to his employment level?
d) Suppose the conditions set out in (a) hold. All else equal, what happens if the government imposes a 25% tax on his profits?
e) What do you conclude from your answers to (c) and (d)?
The Fed can reduce the money supply by,
You have an income of $40 to spend on two commodities. Commodity 1 costs $10 per unit, and commodity 2 costs $5 per unit, illustrate what is the budget equation.
Critics of traditional welfare programs often cite a disincentive to work as a flaw in the policy. Why would these critics be in favor of the Earned Income Tax Credit (EITC)? And why is the EITC described as a negative income tax?
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Suppose the average Social Security benefits in the nation are $14,000 per year. The number of Social Security pension recipients is currently 50 million. There are 150 million workers in the workforce this year and the average taxable wage per worke..
A particular market structure has the following characteristics: the cross-price elasticity of the goods bought and sold in this market is +3.0, firms must lower price to sell more, and there is relatively easy entry into this market.
Illustrate what does the evolution of Coke's strategy tell you about the convergence of consumer tastes and preferences.
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