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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.
A firm has two plants. One plant produces according to a cost function cl (91) = Yf. The other plant produces according to a cost function c2(y2) = Yg. The factor prices are fixed
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Determinants of Private Demand - Ability to Pay In a developing country like India, of all the factors determining investments in education, the most important factor is the ‘
Problem 1: i) It has often been argued that a monopoly has both costs and benefits. Discuss. ii) Explain, using diagram the short and long equilibrium positions of a monopo
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List and describe the determinants of the price elasticity of demand and of supply.
Direct and Indirect Benefits Life time earnings of an educated person is an instance of direct benefit from education. Skills produced in training or extension programmes in a
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