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Assume the Working Income Tax Benefit tops up a single individual's income by 25 percent of the amount that employment earnings exceed $3000, up to a maximum payment of $950. Suppose the refundable credit is reduced by 15 percent on the amount of earnings in excess of $10,500.
a. Then over what range of earnings is the credit at its maximum value?
b. At what income is the credit reduced to zero?
c. Let the statutory income tax be a flat rate of 30 percent, with a basic personal exemption of $10,000. Ignore all other taxes and program benefits in the economy. Calculate and explain the effective marginal tax rate (EMTR) faced by this individual on income ranging from zero to $20,000.
d. Discuss the incentive effects associated with this EMTR schedule, regarding the decision to join the workforce and to enhance hours worked, say, from part-time to full-time.
QUESTION: a) How do returns to scale and returns to factor affect the shapes of the AC in the Long-run and short-run respectively? b) "Standard of living has to be measure
Case for the Market With the objective of maximising total value of output focused on observing real factors of production, through the logical 'tool of marginal produ
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Alice and Bob survive on hamburgers and salads. Aliceís utility function is UA = hA(sA 1) where hA and sA are her consumption of hamburgers and salads respectively. Bobís utility
Q. Why does government undertake an economic activity? If ever an activity has large externality or spill over and includes a large number of people, it may be found better th
Draw a simple circular flow of income model for a private sector economy. Label all of the flows, as well as the markets where all exchanges take place. Describe the exchanges, a
An economy has two agents and two goods. Utilities are given by UA=min{xA,0.5yA} and UB=min{xB,0.5yB}. The total amount of X in the economy is 10. The total amount of Y is also 10.
.thoery of cost.
Types of production function
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