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suppose, as in the federal income tax code for the united states, that the representative consumer faces a wage income tax with a standard deduction. That is the representative consumer pays no tax on wage income for the first x units of real wage income, and then pays a proportional tax t on each unit of real wage income greater than x.
Therefore, the consumer's budget constraint is given by c=w(h-1 + (Pie) if w(h-1)< x, or c=(1-t)w(h-1)+tx+(pie) if w(h-1)≥x. now, suppose that the government reduces the tax deduction x. using diagrams, determine the effects of this tax change on the consumer and explain your results in terms of income and substitution effects. Make sure that you consider two cases. in the first case the consumer does not pay any tax before is x reduced, and in the second case the consumer pays a positive tax before x is reduced.
law
1. On Wednesday the 16 th , 2008 an enormous avalanche knocked out the lines that transmitted electricity from a hydroelectric dam to Juneau, Alaska. This eliminated Juneau's prima
Why is the concept of scarcity relevant to both LDC s and MDC s? All societies throughout time have wrestled with the basic economic conundrum of having needs that cannot be me
TAKE A HYPOTHETICAL ECOMOMY AND CONSTRUCT THE CONSUMPTION SCHUDEL CONTAIN 10 PAIR OF HYPOTHETICAL VALUE OF AGGERGET INCOME AND CONSUMPTOIN
Non-existence of Objective Probability Distributions : Let us see why expectations are volatile in nature? According to Keynes (1936, pp. 149): "Our knowledge of the fact
Two people are engaged in a joint project. If each person i puts in the effort xi, the outcome of the project is worth f(x1, x2). Each person’s effort level xi is a number between
types of elasticity of demand
argument against in favour of traditonel theory profit maximisation
All about matter
The Money Multiplier is explained below: If you see carefully, the money multiplier is nothing but an inverse of a reserve ratio. Therefore, we can write MM = 1/rr, where rr is
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