1. True or False a. A housing voucher is a form of unconditional transfer. b. Rent control will result in an excess supply of rental housing. c. A closed-ended subsidy program is equivalent to an unconditional income transfer.
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- This question concerns rent subsidies. Suppose that under a rent subsidy the government will pay some specified proportion of the total rental price. Using an indifference map for "housing" (e.g. rooms of standard quality) and "all other commodities" analyze whether this approach to enhancing domestic welfare is more or less effective than granting income tax reductions equal in dollar amount to the amount of the rent subsidy? How do these compare to a lump sum $250 per month subsidy which must be applied toward rent or it is taken away?Assume that the Demand Function is P = 16250 - 6Q and Supply Function is P = 2000 + 3Q Government provided P550.00 subsidy to producers. (Graph items 1-4) 1. What is the Pb? 2. What is the Ps? 3. How much is the Reseource Misallocation (RM)? 4. How much is lost from the society (DWL) (Color the area black)This question has to do with the minimum wage serving as an anti-poverty program. a. What percentage of a minimum wage increase goes to families below the poverty linenow versus in the 1990s? Why has this changed over the years? Make sure to use exactnumbers in your answer. b. Explain why families below the poverty line receive less than 100% of a minimum wageincrease. c. Jason is employed, earns the federal minimum wage, works 25 hours per week, works 52weeks per year, is single, and has no children. Given these numbers, Jason would bebelow the federal poverty line. Assume the federal minimum wage increases to $15 andJason continues to work 25 hours per week for 52 weeks per year. The large increase inJason’s earnings places him above the poverty line. Describe how it can be true thatJason’s earnings increase significantly, yet his total income (which is income from allsources combined) might be the same as it was before the minimum wage increase.
- 1. Suppose the federal government requires beer drinkers to pay a $2 tax on each case of beer purchased. a. Is there any inefficiency, and if so, can you define it and label it on the graph? b. If the producer has an inelastic supply curve, which market participant has the bigger tax burden? Explain.Give typing answer with explanation and conclusion Education leads to public benefits above and beyond those enjoyed by individuals deciding on whether or not to enroll in college. The government is weighing an education policy intervention. In this context, which of these statements is true? a. Leave this market alone; it is efficient and welfare is already maximized. b. A Pigouvian tax on tuition will improve efficiency in this market by aligning private costs and social costs. c. Giving a tax break to families with children enrolled in college will improve market efficiency. d. College is already too expensive. Setting a binding price ceiling on tuition will improve market efficiencySuppose the city of Strelsau has a 10%property tax on rental properties. Rudolph makes $100,000 a year and pays $23,000 per year in rent. Fritz makes $40,000 per year and spends $11,600 in rent. Both Rudolph and Fritz rent from Michael. a.) How is Strelsau’s property tax best described? b.) Who most likely actually pays the tax on the rental property?
- Suppose the city of Strelsau has a 10% property tax on rental properties. Rudolph makes $100,000 a year and pays $23,000 per year in rent. Fritz makes $40,000 per year and spends $11,600 in rent. Both Rudolph and Fritz rent from Michael. a.) How is Strelsau's property tax best described? b.) Who most likely actually pays the tax on the rental property?18. The demand and supply of bowling balls is given by Qd = 20 – P and Qs = -10 + 4P. The government now recognizes that bowling causes people to become more attractive and live longer and decides to issue a subsidy of b = $2 to producers for each bowling ball that is sold. A. What is the market price, PBS, before the subsidy program is imposed? B. What is the market price, PAS, after the subsidy program is imposed? C. What is the final price, PG, producers receive per ball after they receive the subsidy?calculate the social security and medicare deductions for the following employee (assume a tax rate of 6.2% on $128,400 for social security and 1.45% for medicare): (leave no cells blank - be certain to enter "0" wherever required. round your answers to the nearest cent.): Employee: Brian Cumulative earnings before this pay period: 399,700 Pay amount this period: 7,500 Social security this period: ?? Medicare this period: ??
- Suppose the federal government requires beer drinkers to pay a $2 tax on each case of beer purchased. c.Can you identify any government revenues? d.Is there any inefficiency, and if so, can you define it and label it on the graph? e. I the producer has an inelastic supply curve, which market participant has the bigger tax burden? Explain.e. Government policies that lead to underproduction, such as quotas, are in violation of the first fundamental theorem of welfare economics. Do you agree? Why/why not? f. What is the difference between the marginal excess tax burden and the marginal cost of public funds when considering a policy?discuss two methods that the government may use to intervene in the market to eliminate the market inefficiency. In your discussion, explain which method is preffered