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The revenue department of a state government employs Chartered Accounts (CA) to audit corporate tax returns and Book Keepers(BK) to audit individual returns. CA's are paid $.31200 per year, while the annual salary of a bookkeeper is $18200.Given the current staff of CA s and bookkeepers, a study made by the department's economist shows that adding one year of a CA's time to auditing corporate returns results in an average additional tax collection of $ 52000. In contrast, an additional bookkeeper adds tax collections of $ 41600.
If the department's objective is to maximize tax revenue collected, is the present mix of CA s and bookkeepers optimal? Explain. If the present mix of CA s and bookkeepers is not optimal, explain, what reallocation should be made. That is, should the department hire more CA s and fewer bookkeepers or vice versa?
Provide an example for each about decision-making, interaction and workings of economy. Explain how that influences marginal benefits and marginal costs associated with decision to purchase a house.
Describe the scope of Public Finance. Explain different philosophical approaches to the role of the government. Describe the size of the government sector in the U.S.
George and Jane are next-door neighbours. George likes listening to pop music at high volume but hates opera. Jane likes listening to opera at high volume but hates pop music. What is the externality in the above case? Why might the Coase theorem not..
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Sarah bakery makes 1000 items a day. Each day Sarah contributes 8 hours to produce those items. If hired, elsewhere Sarah could have earned $250 an hour. The item sells for $15 each. Production does not stop during weekends. If the explicit costs tot..
Given the market for wheat in equilibrium, assume that the government imposes a price floor on wheat. Explain what happens to the market for wheat as a result of this action? Draw and graph to fully illustrate the situation.
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Suppose that the demand curve faced by a particular firm is given by q = 300 – 5P. Could this be a perfectly competitive firm? If it is optimal for the firm to produce a positive amount of output in the short run, how much should it produce?
q1. if the variable is almost normally distributed does that mean you use common distribution?use the data set noting
Fill in whether there is a shortage or surplus and of how many units. Indicate whether there is a shortage or surplus and of how many units.
If marginal cost is below average variable cost:
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