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Suppose that a consumer has income y in the current period, income y′in the future period, and faces proportional taxes τ and τ′ on consumption in the current and future periods. There are no lump-sum taxes. That is, if consumption is c in the current period and c′in the future period, the consumer pays a tax τ c in the current period, and τ′c′in the future period.The government wishes to collect total tax revenue in the current and future periods, which has a present value of R = G +G ′1+r. Now, suppose that the government reduces τ and increases τ′, in such a way that it continues to collect the same present value of tax revenue R from the consumer,given the consumer's optimal choices of c and c′.
1) Write down the lifetime budget constraint of the consumer.
2) Show that lifetime wealth is the same for the consumer, before and after the change in tax rates.
3) What effect, if any, does the change in tax rates have on the consumer's choice of current and future consumptions, and on savings? Does Ricardian equivalence hold here?Explain why or why not.
Why would not a company always store large quantities of inventory to eliminate shortages and stock outs?
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Analyze the process of capturing, processing, and protecting information to determine the single biggest challenge to the greatest number of organizations. Explain your rationale.
Should Nascent Entrepreneurs write a business plan, prior to starting a new venture?
Think of a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc...).
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You loan a friend €1000, and at the end of one year she writes you a check for €1000to pay off this loan. If the annual interest rate on your savings account is 6 per cent, whatwas your opportunity cost of making this loan?
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Addresses leadership development programs - Should all leadership development programs be this same
The tasks that your group is confronted with are exceedingly complex requiring people to have specialized training for different aspects of the tasks and you have a high degree of task interdependence.
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