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Suppose that you can work anywhere form 0 to 24 hours per day at a wage of $1 per hour. You are subject to a tax of 50% on all wages over $5 per day (the first $5 per day is untaxed). You elect to work 10 hours per day.
a. Show your budget constraint between labor and wages, and show your optimum point.
b. Suppose that the tax law is changed so that all wages are subject to a 25% tax. Do you now work more or less than 10 hours? Does the government collect more or less tax revenue than before?
An increase in the dollar price of yen necessarily means a fall in yen value of dollars. Do you agree? Discuss and explain; The critical thing about exchange rates is that they provide a direct link.
Auger busy in a promotional campaign costing $60 million this year, its annual after-tax cash flow over the next five years will be.
A sharp decrease in housing prices makes people much less wealthy. If the primary effect of this decreased wealth is felt on labor supply, what happens to the level of employment and the real wage rate if the labor supply function is positively relat..
The federal budget for national defense increased substantially to pay for the Iraq and Afghanistan wars. How would GDP in the United States have been affected if this higher defense spending led to
Explain a situation in which a increase in the value level increases interest rates, lowers consumption, and leads to lower investment in capital goods.
Discuss why the number of children that a family has may differ between an Industrial Society and a Third World Agrarian Society.
Suppose the economy is in a recession. Explain an adjustment process using AD and AS examine that will ensure that the economy will return to full employment
Consider a market in which there are N identical buyers who each demand qb = a - P units and thus that market demand is given by Q = N(a - P). Each firm has constant marginal cost equal to c and fixed cost equal to F
The Great Recession of 2007-2009 affected millions of United States citizens and had multiple reasons. Determine some of the major contributing factors and how did they combine to cause the recession?
Calculate the repricing gap and the impact on net interest income of a 1percent increase in interest rates for each position.
Suppose production of this good provides an external benefit of $10 for each unit produced. What is the efficient quantity in this market? How might the government respond to correct this market failure?
An accident has occurred in which chemicals leaked into the ground water nearby, the community is unaware. Assess the costs involved in cleaning up the water immediately (confessing) versus hiding the fact.
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