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The income tax system in a country requires each citizen to pay 10% of income on earnings up to $40,000, and then pay 20% on any earnings over $40,000. If an individual has an income of $92350, then what is his average tax rate, in percentage terms?
Suppose that the total benefit and total cost from an activity are, respectively, given by the following equations: B(Q)=150 + 28Q - 5Q^2 and C(Q) = 100 + 8Q. (note: MB(Q) = 28 -10Q and MC(Q) = 8). Write out the equation for the marginal net benefi..
On the planet Omicron Persei 8, government spending is $1000, net taxes are $1200, and planned investment is $1400. Consumers spend according to the equation C = 100 + 0.8Yd, where Yd represents disposable income.
Each firm's decision will affect its own profits, as well as profits of its competitor. The following payoff matrix shows the possible outcomes for this game between Coke and Pepsi. Here Coke is the row player and Pepsi the column player.
A gas utility serves a small town with natural gas. The total cost function for the utility as a function of the amount Q of gas sold is: TC(Q) = 50,000 + 300Q + 0.4Q2 The demand function for the customers is Q = 374 - 0.22P
The widget industry in Springfield is competitive, with numerous buyers and sellers. Consumers don't differentiate among the various brands of widgets (no product differentiation). The industry demand curve is given by: Qd = 998 - 5Pw + 4 Y - 6Pg.
The U.S. Dairy Industry wants to estimate the mean yearly milk consumption. A sample of 13 people reveals the mean yearly consumption to be 58 gallons with a standard deviation of 18 gallons. (a-1) What is the value of the population mean
A firm wants to lease some land from you for 20 years and build a warehouse on it. As your payment for the lease, you will own the warehouse at the end of the 20 years. If the salvage value is estimated to be worth $20,000
A new piece of materials handling equipment costs $20,000 and is expected to save $7,500 the first year of operation. Maintenance and operating cost increases are expected to reduce the net savings by $500 per year for each additional year of oper..
Public sentiment now changes such that depositors cut their cash holding in half and deposit the other half in time deposit accounts. The reserve requirement on DDs remains 25%, on TDs it remains zero, “m” remains 0, and banks continue to hold no ex..
The firm's production manager claims that the firm's average cost of production is minimized at an output of 40 units. Furthermore, she claims that 40 units is the firm's profit-maximizing level of output. Explain whether these claims are correct.
Before Sarah quit her job as a carpenter, she was earning $35,000 per year. She rented a building for $12,000 per year and opened a cabinet shop. She spends $148,000 per year for labor, materials, utilities, and advertising.
The demand for haddock has been estimated as log Q = a=b log p=cl log I = d log Pm Where Q= quantity of haddock sold in New England P = price per pound of haddock I =a measure of personal income in the New England region and Pm= an index of the pr..
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