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Does a “rational” individual always reduce labour supply in response to a proportional
income tax? Why or why not? Use the labour-leisure model to illustrate your response.
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Solved in 3 steps
- Discuss how the wage-schooling locus is determined in the labor market, and why it is upward sloping and concave.Why does a worker allocate his or her time over the life cycle so as to work more hours in those periods when the wage is highest? Why does the worker not experience an income effect during those periods?According to theory, do firms or workers bear the cost of mandated benefits funded by payroll taxes? Explain with a graph depicting labor supply and demand.
- How do factor endowments affect personal income? Examine different provisions employed by the government in dealing with inequality in the distribution of income.Even if labour markets were perfectly competitive, income would be unequally distributed because A) some people are more intelligent. B) some people have more property. C) some people have more power. D) all of the abovewhat happens in the work-leisure model, when the wage rate is decreasing and income effect is stronger than substitution effect?
- How useful is the dual labor market perspective?What is the potential impact of income taxes on labor (consider the income effect and substitution effect)? Do you think it would be better to have a proportional income tax (flat tax) or progressive income tax? Explain.Consider two people - A and B - within the same labor market. Why might might permanent wage of A and B be different? Please make sure you relate the most relevant economic concepts and theory to justify arguments.
