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Jack and Jill live alone on an island. Their labour supply schedules are identical and given by L = (1 - t)w, where t is the income tax rate and w denotes the wage. Jill's wage is 6 and Jack's is 2. The tax paid by an individual is twL and each receives a transfer equal to half the total revenues. Jack and Jill have identical utility functions given by U =C - (1/2)L2, where C denotes consumption (the individual's income after tax and transfer). If the social welfare function is W = 3Ujack + UJill, what is the optimal tax rate?
[Hint: Write W as a function of the tax rate t.] Why is the optimal tax rate not 0? Why is it not 1?
Describe the basic process by which an economy moves by a business cycle. What is meant by a demand-pull inflation? How does a demand-pull inflation vary from a cost-push inflati
Mr. X enters into a contract with Mr. Z under which Z agreed to build a customized telescope for X for $500. The value of the completed telescope to X will be $600. Expecting that
Q. Is Heterogeneity the sole cause of conflict of interests? Explain heterogeneity as a cause of variation of aspirations of agents leading to formation of various special inte
What makes a public opinion poll scientific 1. To what extent do we really think about political issues as individuals, or are we more influenced by our environment -family, t
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Explain how the price system answers the five fundamental questions of economics, and talk about at least two of the short-comings of the capitalist price and market system.
What are your thoughts on Putman’s “Bowling Alone,” the idea that there has been a decline in social capital in North America? Do you agree or disagree with the assertion? Support
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