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Now we look at the role taxes play in determining equilibrium income. Suppose we have an economy of the type in Sections 9-4 and 9-5, described by the following functions: C
a. Calculate the equilibrium level of income and the multiplier in this model.
b. Calculate also the budget surplus, BS.
c. Suppose that t increases to .25. What is the new equilibrium income? The new multiplier?
d. Calculate the change in the budget surplus. Would you expect the change in the surplus to be more or less if c .9 rather than .8?
e. Can you explain why the multiplier is 1 when t 1?
A Chinese official is considering construction of a gondola lift system that transports visitors from the tops of the mountain peaks to the valley at one of the National Forrest Parks in China. The lift system is expected to last for 20 years.
Motivate your answer by referring to the BHP Billiton's contract with Eskom.
The markets for labor and office space are tight in your area. To acquire the lease and hire workers, you signed contracts requiring you to give 12 months advance notice before abandoning your lease or laying off workers
Imagine that a contingent valuation study is done asking residents about their willingness to pay for a new Whirlydome in the twin cities metropolitan area, which has about 400,000 households. The households that were told the dome would cost them..
Making dresses is a labor-intensive process. Indeed, theproduction function of a dressmaking firm is well described by theequation Q = L - L2/800, where Q denotes the number ofdresses per week and L is the number of labor hours per week.
A heavily indebted government may end up in a vicious circle, where increasing debt leads to higher interest rates and lower growth, which increases debt even faster with subsequent even higher interest rates and lower growth etc.
on juans twenty-sixth birthday he deposited 6000 in a retirement account. each year thereafter he deposited 1000 more
Suppose that there is a consumer who consumes 2 types of goods: Good A and Good B. The consumer has $84 and the price per unit of Good A is $4 and the price per unit of Good B is $7.
the initial price of a cup of coffee at a local gas station on is 1 and at that price 400 cups are demanded
Return again to the cartel in Problems 4 and 5. Now suppose that the market game repeated indefinitely. What is the discount factor (sigma) is necessary now in order to maintain the collusive agreement in an indenitely repeated setting
If they both choose the Casual line, they will each make profits of $1000 per week. If Bells chooses Formal while Follies chooses Casual, then Bells will make $500 and Follies will make $1500 per week. If Bells chooses Casual while Follies choos..
consider the maximization problem u(c,l) subject to pc + wl = wT + Y, where c is consumption, l is leisure time, T is total time endowment, and Y is non-wage income. prove that if leisure is an inferior good then the labor supply function is upwar..
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