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Consider a person who can work up to 80 hours each week (T = 80) at a pre-tax wage of $20 per hour but faces a constant 20% payroll (income) tax. Under these conditions, the worker maximizes her utiility by choosing to work 50 hours each week. The government proposes a negative income tax (a subsidy to workers) whereby everyone is given $300 each week and anyone can supplement her income further by working. To pay for the negative income tax, the payroll tax will be increased to 50%.
a) On a single graph, draw the worker's original budget line and her budget line under the negative income tax.
b) Show that the worker will choose to work fewer hours if the negative income tax is adopted.
A consulting firm submitted a bid for a large research project. The firms management initially felt there was a 50/50 chance of getting the bid. However, the agency to which the bid was submitted subsequently requested additional information on the b..
Suppose the monopolistically competitive barber shop industry in a community is in long-run equilibrium, and that the typical price is $20 per haircut. Moreover, the population is rising. Illustrate the short-run effects of a change on the price and ..
Find a print/image advertisement that appears to be based on the psychographic segmentation variable, and one based on the behavioral segmentation variable. For each ad, identify the target market and support your proposal for the variable. Additiona..
How will the money supply be affected by this transaction ? what is the ultimate change in deposits, loans, and reserves in the banking system? Explain in detail.
What are alternative approaches for subsidizing health insurance for those with a preexisting condition?
Explain how externalities, public goods, and asymmetric information are all problems with private property rights.
Suppose that the demand for bentonite is given by Q = 40 ? 0.5P, where Q is in tons of bentonite per day and P is the price per ton. Bentonite is produced by a monopolist at a constant marginal and average total cost of $10 per ton. How much profit i..
Export and import practices are at the heart of a country’s trade balance with the rest of the world? Why do some countries subsidize their exports when WTO regulations do not allow that? Are global companies such as Intel, Cisco, Microsoft, oracle, ..
How much money should Timothy and Tiffany deposit annually for 20 years in order to provide an income of $30,000 per year for the next 10 years?
Even though the Net Present Value is the most preferred model of gauging a viable investment, I am sure there are situations that the payback period is also
Suppose the production function is Cobb-Douglas, y = x 1/2 1 x 3/2 2. What is the technical rate of substitution? Does this technology demonstrates increasing, decreasing or constant returns to scale?
A Chi-Square test for independence with 8 degrees of freedom result in a test statistic of 18.21. Using the Chi-Square table, the most accurate statement that c
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