Alan, a lead supervisor in a manufacturing departmentBob, an inexperienced group supervisor, directly under Alan Coot, a veteran employee within
October 12, 2020
Calculate the price and income elasticities for the following demand functions. (a) x(p,m) = m/2p (b) x(p,m) = m-10/p . (Consider only the case m…
October 12, 2020
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Suppose that the income tax in a certain nation is computed as a flat rate of 5 percent, but no tax is levied above $50,000 in taxable income.

Suppose that the income tax in a certain nation is computed as a flat rate of 5 percent, but no tax is levied above $50,000 in taxable income. Taxable income, in turn, is computed as the individual’s income minus $10,000; that is, everyone gets a $10,000 deduction. What are the marginal and average tax rates for each of the following three workers?(Evaluate the marginal tax rate at each person’s current income level.)a. A part-time worker with annual income of $9,000b. A retail salesperson with annual income of $45,000c. An advertising executive with annual income of $600,000Is the tax progressive, proportional, or regressive with respect to income?

 

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