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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?
The demand curve for Froot Loops breakfast cereal is very elastic because: A market can be described by the equations Qd = 100 P and Qs = P. What are the equilibrium price and quantity in this market? Which good below might be expected to have the mo..
Suppose Chen has demand Q = 40 – 2P for streetlights and Abby has the demand Q = 10 – (1/2)P for streetlights. The cost of building each streetlight is $19. How many streetlights are socially optimal? How many streetlights would be privately purchase..
In 2010, 60% of the population in the U.S. was of working age. In 2025, 56% of the U.S. population is expected to be of working age. Calculate the effect of this change in demographics on the annual growth rate of the GDP per capita if the GDP per wo..
Define the “Meeting Competition Clause”. Could the imposition of the meeting competition clause possibly help these players obtain the (cooperate, cooperate) equilibrium? Explain?
Discuss envisions of an Information System that could support improve patient health outcomes? Which firms or industries might benefit and gain a competitive advantage from this?
If the CPI was 110 last year and is 121 this year, what is this year’s rate of inflation? In contrast, suppose that the CPI was 110 last year and 108 this year. What is this year’s rate of inflation? What term do economics use to describe this second..
A company that manufactures general-purpose transducers invested $2 million 4 years ago in high-yield junk bonds. If the bonds are now worth $2.8 million, what rate of return per year did the company make on the basis of (a) simple interest and (b) c..
The manufacturer of high-quality flatbed scanners is trying to decide what price to set for its product. The costs of production and the demand for the product are assumed to be as follows: Determine the short-run profit-maximizing price. Plot this i..
Imagine a simple economy of Fredonia that uses gold as its currency (only gold, not gold backed paper). Suppose that Fredonia finds itself deeply in debt and that its creditors who all live in the country of Sylvania demand the repayment of debt in g..
Use an 8-year analysis period and a 10% interest rate to determine which alternative should be selected:
On a graph of supply and demand, which of the following is represented by the height of demand curve when it intersects the price axis?
Discuss the various arguments about the implementation of monetary policy with negative interest rates.
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