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Suppose that the government proposes eliminating any tax on earnings from work which are less than $20,000 for Americans at least 62 years old. Seniors earning more than this threshold would still be subject to the normal income tax rates on higher earnings
a. Sketch a budget constraint in the leisure-income diagram consistent with this proposal.
b. If the proposal were adopted, what would happen to the labor supply for seniors? Explain.
What are the costs and benefits associated with attempting to bar entry of other firms into this industry? How would a firm evaluate the desirability?
Explain how income and substitution effect savings decisions in opposing ways. Provide an example to support your argument with detail and integrating the concept of marginal propensity to consumer and marginal propensity to save. Make sure to reply ..
A Manufacturing Company has hired an economist to evaluate its financial situation. She explains to the board of directors that the company is making zero economic profit. Should the company go out of business?
Is the concept of “serving the poor” really an attractive business opportunity? How does business leadership drive companies such as Nokia to pursue such an opportunity?
Suppose the monopolist cannot separate the two groups of buyers, but he can observe and charge the marginal utility of each unit of purchase as in the case of 1st degree price discrimination. How many units will the monopolist sell to the two groups ..
Explain how you think these trends have affected our overall economic well-being (think unemployment, wage rates, etc.) in recent years.
Which of the following might lead to an increase in the equilibrium price of jelly and a decrease in the equilibrium quantity of jelly sold?
What is an economic indicator? How are economic indicators used? Discuss an economic indicator that would be useful in making personal decisions and/or decisions at your workplace? Your answer should not discuss an index, such as the indexes of leadi..
Consider a situation where a monopolist faces the foloowing inverse demand curve, p = 240 - 2q and constant marginal costs of MC = 40. Suppose that a regulator imposed a price ceiling on the monopolist of p = MC = 40. Suppose the regulator was suscep..
Carbon tax could raise costs for industries that consume large amounts of energy, but some sectors are better positioned to recover the cost increases than others so Could higher energy prices hurt U.S. competitiveness? what can be done about it?
"We should impose a 20 percent luxury tax on expensive automobiles (those with a sales price of $50,000 or more) in order to collect more tax revenue.
Developing countries complain that the current international trade practice doesn’t reward the developing countries due to the worsening terms of trade of primary products that are exported mainly from developing to developed countries. What are the ..
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