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Suppose the tax rates for single wage earners are:
00000 - 9999 = 0%10000 - 19999 = 10%20000 - 29999 = 22%30000 - 39999 = 35%40000 and above = 60%
1.)Calculate the marginal tax rate (MTR) and average tax rate (ATR) for a person earning $15,000 and one earning $35,000.
2.)Is this tax system progressive, regressive, or proportional? Describe fully
3.)Is it ever possible for the MTR = ATR? When?
4.)You earn $1,500,000. What is your MTR and ATR? How motivated are you to add to your income?
5.) Would you be in favor of a flat-tax rate system for income earners? Explain. Why would this not really simplify the tax system as many people argue?
Consider the indirect utility function: v(p1; p2; m) = m /(p1 + p2) a. Derive the Marshallian demand functions. b. What is the expenditure function? c. What is the direct utility function?
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A firm produces paper clips with the following production function: F(K,L) = 3K^(2/3) L^(1/3) where K is the capital used in production and L is labor used in production. The rental rate for capital is r = 24 and the wage rate is w = 6.
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