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In Taxland, the first $10,000 earned per year is exempt from taxation. Between $10,000.01 and $30,000, the tax rate is 25 percent. Between $30,000.01 and $50,000, it's 30 percent. Above $50,000, it's 35 percent. You're earning $75,000 a year.
a. How much in taxes will you have to pay?
b. What is your average tax rate?
c. What is your marginal tax rate?
Suppose the tax rate on the first $10K income is 0: 10% on the next $20K; 20% on the next $20,000; 30% on the next $30K; and 40% on any income over $80K. Family A has income of $40K and Family B has income of $100K.
An increase in the demand for green tea raises the price of apples from $16 a pound to $20 a pound. As a result, quantity supplied increases by 30 percent. Using the midpoint formula, calculate the value of the price elasticity of supply.
A business invested $12,000 in a piece of equipment which helped reduce labor costs by $2,000 annually and reduced rejects by an estimated $1,800 annually. After 5 years, the machine has to be replaced by a new machine for the same cost.
Workers who do not participate in any fitness programme suffer a drop in productivity of 50 per cent in their last two hours of work each day
Suppose a $20-per-unit sales tax is imposed on consumers. What effect does this have on the industry demand curve? Find the new competitive price and output. Compare this answer to your findings in part b.
Suppose that the price elasticity for hip replacement surgeries is 0.2. Further suppose that hip replacement surgeries are originally not covered by health insurance and that at a price of $50,000 each, 10,000 such surgeries are demanded each year..
Almonds galore! The quantity of almonds harvested in 2008-2009 was expected to increase by 22 percent, while total receipts of growers was expected to increase by 17 percent.
"As more people buy fuel-efficient hybrid cars, the demand for gasoline will decrease and the price of gasoline will fall. The fall in the price of gasoline will decrease the supply of gasoline." Is this statement true? Explain.
A firm is a perfectly competitive industry with atotal revenue of Php 2 million a year when producing 200,000 unitsof output per year; a) Find the firm's average revenue (AR); b) Find the firm's marginal revenue (MR);
Ten bidders in an oral auction have the following values for an antique clock ($10, $9, $8, $7, $6, $5, $4, $3, $2, $1). If bidders of the $10 and $9 bids collude and bidders of the $3, $4, and $5 bids collude, what will the winning price be?
La Yin likes brownies (B) and chocolate bars (C) and is on the indifference curve: U(B,C) = B^2C. Consider the follwing bundles for La Yin. Bundle A B = 5, C = 10 Bundle B B= 3, C= 4 Bundle C B= 2, C= 9 Bundle D B= 5, C= 5
John has a weekly endowment of 140 dollars that he spends on buying games (G) and music cds (M). The price of each game is 30 dollars, the price of each cd is 20 dollars. He can buy any amount of the two goods that satisfies the budget
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