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Explain the third stage of law of variable proportion
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- Process A Output : x = 3; y = 1 Input: L = 2; K = 1 Process B Output : x = 2; y = 1 Input: L = 1; K = 2 Utility Function of indivs. : U=xy. L = 500 units; K = 500 units 1. In equilibrium, what are the relative prices of x, y, L and K? 2. What is the effect on the distribution of income by factor shares of (a) wage tax t on L employed and (b) excise tax e on y?Explain very briefly what you understand from income effect and substitutioneffects of change in income tax ratesProvide an example of a failure of market in terms of equity/income distribution that is not life-saving medicine. Is the government doing anything to account for this failure of market? In your opinion, should they do more, less or keep doing what they are doing? Explain.
- Asap Jennifer has earnings of $2,400 and faces a constant marginal tax rate of t= 0.3. If she is caught not reporting some of her income (where U is the amount of income she doesn't declare), then her marginal penalty is U/1000. There is a 20% chance she will be caught. How much income will she optimally declare? Show on a diagram.How do factor endowments affect personal income? Examine different provisions employed by the government in dealing with inequality in the distribution of income.The table below is an illustration of Pareto efficiency criterion after the implementation of a state income policy in some selected Ministries . Before policy. After policy Ministry A. 400 800 Ministry B. 200 200 Ministry C . 300 300 Total. 900 1300 Analyse the welfare condition of the Ministries after the income policy.
- Explain he differences between the Ohlin and Leontif theory on factor abundanceDiscuss the first and second fundamental theory of Welfare Economics.Assume that workers whoses are less than $8000 currently pay no federal income taxes. Suppose a new government program guarantees each worker $4000, whether or not he or she earns any income. For all earned income up to $8000, the worker must pay a 50- percent tax. Draw the budget line facing the worker under this new program. Using the line drawing tool, draw the new budget line facing a worker whose wage is such that his or her pre-tax earned income is less than $8000. Label this line 'BC2'.
- How do mandated benefits affect labor market outcomes? Why do these outcomes differ from those resulting from a payroll tax? What is the deadweight loss arising from mandated benefits?explain five different cases of income exempt from rax with clear examplesWhat are the factors contributing to The Stolper-Samuelson Theorem’s discrepancies involving factor price equalization issues?
