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1. During the Reagan administration, economist Arthur Laffer argued in favor of lowering income tax rates in order to in- crease tax revenues. Like most economists, he believed that at tax rates above a certain level, tax revenue would fall because high taxes would discourage some people from working and that people would refuse to work at all if they received no in- come after paying taxes. This relationship between tax rates and tax revenue is graphically summarized in what is widely known as the Laffer curve. Plot the Laffer curve relationship assuming that it has the shape of a nonlinear curve. The fol- lowing questions will help you construct the graph.
a. Which is the independent variable? Which is the depend- ent variable? On which axis do you therefore measure the income tax rate? On which axis do you measure income tax revenue?
2.a. In panel (a), what is the slope of the line? Show that the slope is constant along the line.b. In panel (b), what is the slope of the line? Show that the slope is constant along the line.
The HRB Corporation is the world’s only manufacturer of air filters for Zamboni engines. Last year, HRB charged $20 per filter and sold 1 million of them, and it paid all of its production workers $10 per hour. This year, something happened at HRB he..
Mundell-Fleming Model: You are the chief economic adviser in a small open economy with a floating-exchange-rate system. Your boss, the president of the country, wishes to increase the level of output in the short run in order to win re-election. For ..
suppose the united states produces two goods civilian goods and government goods and that is all that they produce. ok
Think about this statement from a wheat farmer to the workers. “The price of wheat is low this year, and the most I can get for the crop is $35,000. If I pay you the same amount as last year ($30,000) I will lose money because I also had to pay $20,0..
If the marginal cost ofplantingand harvesting an acre is $7000 per acre for each of the five acres, how many acres should the farmer plant and harvest?
in a hypothetical economyc 124 .75 disposible incomei 60 - 9 r g 156netxports 38-.05ythe government levies a 20
Suppose your college charges you separately for tuition and for room and board. then what is a cost of attending college that is not an opportunity cost.
shows the average annual growth rate in real GDP per capita for Argentina
suppose the united states economy is represented by the following equationsz c i g c 500 .5yd t 600 i 300yd y -
a. Find the cable monopolist's profit-maximizing quantity and price. b. Find the cable monopolist's resulting profit
From the e-Activity, examine the federal budget over the past 25 years. From the data, determine which of the two (2) forces appears stronger: falling revenue or spending growth. Speculate on the main reasons for the trend. Provide a rationale..
capitalism emphasizes fostering individualism while socialism emphasizes collectivism. a major criticism of capitalism
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