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The lecture described how taxing income may change savings behavior. Suppose instead that the government taxed consumption.
To be specific, suppose we have a two-period model. An individual earns labor income Y0 =$100k at time zero, and earns no labor income at time 1. The individual may consume or save that income. Savings grow at rate r=.03. For every dollar of consumption, the individual pays the tax rate τ=.30 to the government.
a. Graph the two-period budget constraint for consumption. What is the slope? Is this tax distortionary?
b. The government modifies the consumption tax somewhat so that the first $20k of consumption in each period is tax free. Now graph the budget constraint.
Assume that, in a perfectly competitive market at profit maximizing quantity, the market price is greater than average total cost. Describe what will happen to the number of companies,
What is offshoring of white-collar service jobs, and how does it relate to international trade Why has it recently increased Why do you think more than half of all of the offshored jobs have gone to India
Find the amount of the transfer implied by consultant B and determine whether the consumer is better or worse off from Consultant C's suggestion than before the price increases.
suppose your community has one dominant insurer that negotiates with a bunch of hospitals in your market where a bunch
Explain why the European Central Bank cannot selectively change interest rates in any of the 16 EU countries that have adopted the euro—for example, lowering the interest rate to stimulate the economies of Greece, Ireland, or Spain, while maintaining..
Explain what is meant by diminishing returns. From these costs curves explain when diminishing return sets in? Why and explain the relationship between ATC, AVC and AFC.
welform reform1. what happens to the number of people on welfare since 1994? what explains the change over
Is this a good thing for consumers? On the other hand, the government sees the increase in cell phone use as an opportunity to make some additional revenue, and it decides to tax service providers.
1. actions managers take to attain the firms goalsnbsp tactics plans strategy goals2. performing activities that
Given your answer above, explain whether, all else equal, the supply of the IRP increases, decreases, or remains unchanged. Explain the reason for your answer and depict it on your graph above.
Suppose the market demand curve for a product is given by: Qd = 500 - 15P + 20I and the market supply schedule is: Qd = -25 + 10P + 10K. The initial values are I = 10, K = 5.
utility if a function of income (I), given by: \(U = 101\) as long as I is less than or equal to 300. If I is greater than 300, your utility is a constant equal to 3,000. Suppose you have a choice between having an income of 300 with ce..
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