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Currently, the unemployment insurance system in the United States is funded by a tax on employers. Suppose the government is concerned about the effect of this tax on firm profits and decides to eliminate the tax.
a) Using a supply and demand graph to illustrate how the elimination of this tax will affect the amount that firms pay for workers, the amount workers receive from firms and the equilibrium employment level.
b) On your graph, show how much tax revenue the government will forego by eliminating this tax. (Reminder that tax revenue is total hours worked times per-hour taxes.)
c) In what sense are workers made better off by the elimination of the tax?
d) What additional pieces of information would you need to establish whether workers or firms are the primary beneficiaries of the elimination of this tax?
Neville has demand function q = .02m - 2p, where m is income and p is price. Income is $8,000 and he initially had to pay a price of $40 per bottle of claret. The price of claret rose to $80. The substitution effect of the price change is?
This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
We would like to use these data to compare average air quality between the two years.
The following figure plots the average farm prices of potatoes in the United States for the years 1989 to 1998 versus the annual per capita consumption. Each point represents the price and quantity data for a given year. Explain whether simply drawin..
In order for you to be indifferent between the after tax returns on a taxable bond paying 2.49% and a tax-exempt bond paying 2.12%, what would your tax bracket need to be? (How to calculates )
Discuss the effect that an increase in interest rates will have on financial stability of the company, the common stock of the company, and the bond issues in the marketplace.
Between 2007 and 2009 the U.S. economy experienced a severe recession. In an effort to stimulate the economy, the federal government passed a stimulus package. Explain the federal government’s use of fiscal policy (the stimulus) to promote growth and..
Assume that wages and prices are sticky and that we start at a long-run equilibrium. Assume that at this initial point, the growth rate of the money supply is 6%, the growth rate of the velocity of money is 2% and that the real economic growth rate i..
Compute the price elasticity of demand for TV Plasmas. Explain how could we classify the demand for TV Plasmas.
question 1nbspbusiness economics is a useful toolbox for understanding the business environment and making better
In the film My Cousin Vinny, Vinny, a New York (out of state) lawyer, was able to practice law in Alabama and represent a client on a murder case—without the benefit of being admitted to Alabama State Bar. In the movie, Vinny was thrown in jail by t..
Marge is employed and maintains a household for herself and her daughter. Monica is 22 years and a full-time student. Monica is expected to graduate from Law school in May 2015. Over the past two years, Monica has earned $9,000 a year from her part-t..
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