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a) The degree of convexity of an isoquant determines the degree of substitutability of factors of production. Do you agree? Explain.
A. Compute a buyer’s maximum willingness to pay for a car if he or she cannot observe the car’s quality.
b. Suppose that there are enough buyers relative to sellers that competition among them leads cars to be sold at their maximum willingness to pay. What would the market equilibrium be if sellers value good cars at $8,000? At $6,000?
Difference between rigid accelerator theory and flexible accelerator theory
Write brief notes on all the components of the good research proposal; background of the study, problem statement,objectives of the study, definition of terms, limitation of study, literature review, significance of the study and methodology
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The Ghana Statistical Services in 2019 fiscal year estimated that Ghanaians saved 20 percent of their disposable income; however, due to overconsumption in the previous year, autonomous saving for 2019 was negative 100 million Ghana cedis. The government of Ghana imposed a lump sum tax of Gh ₡ 20 million. In addition to the lump sum tax the government also took 20 percent of all incomes earned in the economy in the form of proportional tax. The total government expenditure was GH ₡50 million in 2019. Total investment recorded for 2019 was 66 million.
1.Derive the consumption function based on the above information.
2. Write out the aggregate demand function.
3. Calculate equilibrium national income for the economy.
4. Determine the equilibrium consumption.
5. Calculate the value of the government expenditure multiplier for this economy and interpret your result.
6. Calculate the total tax revenue to the government.
The Ghana Statistical Services in 2019 fiscal year estimated that Ghanaians saved 20 percent of their disposable income; however, due to overconsumption in the previous year, autonomous saving for 2019 was negative 100 million Ghana cedis. The government of Ghana imposed a lump sum tax of Gh ₡ 20 million. In addition to the lump sum tax the government also took 20 percent of all incomes earned in the economy in the form of proportional tax. The total government expenditure was GH ₡50 million in 2019. Total investment recorded for 2019 was 66 million.
Determine the tax function for this economy.
The equality between total production, income and expenditure does not hold if different set of prices are used?
