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What is Laffer curve
The Laffer curve is named after Professor Art Laffer who suggested that as taxes enhanced from fairly low levels, tax revenue received by the government would also enhance. Though, there would come a point as tax rates where people would not regard it as worth working so hard. This lack of incentives would lead to a fall in income and thus a fall in tax revenue.
Use a PPF to explain the trade-offs that all economies face. All countries must construct some sort of system whereby output, allocation and distribution of goods is decided.
two or more variable inputs
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#q7. Problem-solving question: Use the following data for a firm’s output at various levels of employment (L) to calculate: a) its marginal physical product of labor (MPPL) sched
#• The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded. • The price of a pack of cigarettes increases by 10% and there is a 5% drop in the quan
Simple Inventory Model Firstly, the product level initiates a demand, which generates a demand at the component level and then in turn at the raw material level. Think of an
1. Utilize Okun's law to answer the questions below; u t - u t-1 = -0.4(g yt - 3%) Assuming u t-1 = 7% a. Calculate the change in u (u t - u t-1 ) for each of the follo
The Industrial Revolution The century after 1750, saw the industrial revolution proper: invention of steam engine, spinning jenny, power loom, hydraulic press, railroad locomot
Define law of supply. Quantity supplied rises as price raises, other things constant. In other words, "Other things being equivalent, when the price of a product rises, then s
CASE STUDY IN RELATION WITH TOTAL REVENUE,AVERAGE REVENUE AND MARGINAL REVENUE
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