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Laffer curve. In an economy, the supply curve of labor S is given by S = -100 + 200wt where wt is the after-tax wage rate. Assume that the before-tax wage rate is fixed at 10. Thus wt = (1 - t)*10.
a. What is a formula for tax revenues as a function of the tax rate, and sketch the function in a diagram with the tax rate on the horizontal axis and tax revenues on the vertical axis (i.e., a Laffer curve).Suppose that the government currently imposes a tax rate of 70 percent. What advice would you give it?
b. At what tax rate are tax revenues maximized in this economy?
The interest earned is deposited back into the sacinvgs account each month. How much is this account worth 28 years? Answer to the nearest dollar.
Beth and Bob Salerno are looking at refinancing their home loan of $250,000 and have been quoted 3.75% NAR for a 30 year loan compounded monthly. What will be the remaining balance after 10 years of payments? What will be the monthly payment (assume ..
Argue persuasively and critically why paying a higher wage rate based on Efficiency Wage Theory can be effective in raising up productivity, workplace cohesiveness, employee responsiblililty and loyalty and reduces shirking.
How do you evaluate NAFTA? What are the pros and cons of NAFTA? Is the United States a winner or a loser in this trade agreement?
If the firm produces 60 units of output, what are profits or losses for this firm? Is the firm maximizing profits producing Q=60? If not, what is the profit maximizing level of output produced? What are maximum profits?
Describe the Fed's objective function and how it can be used with an economic model to evaluate alternative monetary policies.
Suppose a firms production function is Q = 0.2K0.5 L0.5. Its level of capital is fixed at 25 units, the price of labor is PL = $8 per unit, and the price of capital is PK = $4 per unit. The firms average fixed cost function, average variable cost fun..
The Atlanta Hawks owner Tony Ressler decides that by spending and additional $10 million, he anticipates the team will finish one place higher this season. If true does this mean he can raise the team’s place in the standings by one place for each $1..
Suppose you win a lottery, and your after-tax gain is $40,000 per year until you retire. As a result, you decide to work part time at 32 hours per week in your old job instead of the usual 40 hours per week. Calculate the annual income effect on hour..
The city of Metropolita added a new subway station in a neighborhood between two existing stations. After the station was built, the average house price increased by $10,000 and the average commute time fell by 15 minutes per day. Assume an interest ..
Barbara's Body Shop is considering investing in a Kaizen training class. Training the entire workforce now incurs $100,000 in expenses. Improvement ideas will generate $50,000 annual income. Determine the after-tax cash flow for years 0 to 5, assumin..
How did Keynes use marginal methodology to explain depression and market failure? Discuss how Keynes used neoclassical theories on market clearing to explain depression. In what aspects that Veblen provided an alternative theory to economics?
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