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Suppose that individuals view their loss of income from imposing a single marginal tax rate as offset by the benefits of public services purchased with the revenues so that the (representative) individual is just as well off as before. How are their labor supply decisions affected? Decompose the change in hours worked into substitution and (combined) income effects. Use a leisure-goods diagram to conduct your analysis by decomposing the price decrease of leisure due to the imposition of the proportional income tax rate into a substitution effect (SE), an ordinary income effect (OIE) and an endowment income effect (EIE) of the price change.
In 1976 a movie ticket was $4 and the price index was 56. In 2009 a movie ticket was $9 and the price index was 228. Based on this information: The real price of a movie ticket was the same in both years.
Clarify why might the Homo sapiens production possibilities curve have shifted outward to right much more rapidly than persons of Neanderthals.
In the 2004 presidential campaign, John Kerry suggested that our goal in fighting terrorism was to return to a situation in which "terrorists are not the focus of our lives, but they're a nuisance." Which side better captures the economic principle t..
Economies of scale throughout the range of market demand give natural monopolies
Elucidate what would the seller's cost of capital have to be in order for the discount to be cost-justified.
In a study published in 1980, B. B. Gibson estimated the following price and income elasticities of demand for six types of public goods: Do these public goods conform to the law of demand? For which public goods is demand price elastic? What types o..
Assume that the returns of these stocks are independent of each other. Find the mean and standard deviation of the total amount that this investor earns in one year from these four investments.
Assume the price of large gulf shrimp is $18 per pound and that the price of hard shell Maine lobster tails is $36 per pound. Your professor uses ½ pound of lobster or ½ pound of shrimp with various pasta dishes. In a typical month he cooks 4 shrimp/..
Suppose the government increases purchases in an economy with a recessionary gap. How would this policy affect bond prices, interest rates, investment, net exports, real GDP, and the price level? Show your results graphically.
Identify specific products which have above average usage for African American, Asian Americans and Hispanic Americans? Brands that have higher than average purchase for each group for African Americans, Asian Americans and Hispanic Americans?
Which of the following would cause a movement along the supply curve Ithat it is a change in the quantity supplied) for peanut butter? Check all that apply. Which of the following would cause a shift of the supply curve for peanut butter? Check all t..
Why is their a growing disparity between the rich and poor in the US? What are some of the reasons for this and what should the government do to bring about growing equality with income? Do we as citizens have an ethical responsibility to help the po..
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