Economics-Q71

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ECO 212 Exam 1 Please fully detail all quantitative answers, in other words show how you got your numbers. If no explanation is provided, the problem will be awarded zero points.
 

Problem one (15 points)
 

Table 20P-2 in your text on page 501 shows an income tax schedule for the imaginary country of Independence. Connor is a citizen of Independence who earns $87,500 per year at his job. Assume Connor is not eligible for any deductions or exemptions.
 

  1. How much does Connor pay in income tax? $9,624.45. I subtracted the taxable incomes and multiplied by the Marginal tax rate.

 

5000 * 5%=250
15000-5001=9999 *7%=699.93
30000-15001=14999*9%=1349.91
50000-30001=19999*11%=2199.89
75000-50001=24999*13%=3249.87
87500-75001=12499*15%=1874.85
Total=9624.45

 

 

 

 

  1. What is Connor’s marginal tax rate? What is his overall tax rate? Marginal 15% and overall tax rate is 14.42%.  I used the following formula  to get this answer:

$5,000 X 5%=$250

$82,500 X 15%=$12,625

$12,375/$87,500= 14.42%

  1. Connor isn’t crazy about his job and wants to move to a job in a related industry that pays $106,500. How much will Connor have to pay in taxes in the new job? $17,298.98

I subtracted the taxable incomes and multiplied by the Marginal tax rate.

 

5000 * 5%=250
15000-5001=9999 *7%=699.93
30000-15001=14999*9%=1349.91
50000-30001=19999*11%=2199.89
75000-50001=24999*13%=3249.87
100000-75001=24999*15%=3749.85
106500-100001=6499*20%1299.8
Total17298.98

 

  1. Is the income tax in Independence regressive, proportional, or progressive? Proportional. The rate remains the same regardless of what  you make.

 

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Problem two (10 points)

 

Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. A bundle of goods that Country B could potentially make would be:
 

 
Problem three (10 points)

 
You are looking for a new apartment in Manhattan. Your income is $4,150 per month, and you know that you should not spend more than 25 percent of your income on rent. You have come across the following listing for one-bedroom apartments on craigslist. You are indifferent about location, and transportation costs are the same to each neighborhood.

 

Chelsea           $985

Midtown          $1,450

Uptown            $995

East Side          $2,340

 

  1. Which apartments fall within your budget? (Check all that apply.)
  2. Suppose that you adhere to the 25 percent guideline but also receive a $1,000 cost-of-living supplement since you are living and working in Manhattan. Which apartments fall within your budget now?

 

 

 

 

 

 

Problem four (10 points)
 
cy interventions is designed to increase supply or decrease demand for a public good or common resource.

     

  1. A city government increases the frequency of street sweeping.
  2. London begins charging a toll to all vehicles that drive within the city limits.
  3. A gated community passes a bylaw requiring all homeowners to mow their lawns once a week during the summer.
  4. The National Park Service increases the cost of a pass to enter the Everglades.

 

 

Problem five (25 points)

 
The graph in Figure 3P-4 of your text on page 76 shows supply and demand in the market for automobiles. For each of the following events, draw the new market outcome, and say whether the equilibrium price and quantity will increase or decrease.
 

  1. Environmentalists launch a successful One Family, One Car campaign.
  2. A steel tariff increases the price of steel.
  3. A baby boom occurred 16 years ago.
  4. An oil shortage causes the price of gasoline to soar.
  5. Improvements in robotics increase efficiency and reduce costs.
  6. The government offers a tax rebate for the purchase of commuter rail tickets.

 

 

Problem six (15 points)

 

In your own words define “opportunity cost”. Following that, provide a quantitative example of your definition. Do not use any example from the text, this must be completely fabricated by you.

 

Opportunity cost is when what you chose to give up cost the same as the what you actually decided to spend it on.

 
My family and I moved into a new home and some of our couch was slightly damaged during the move. I would like to purchase a new sectional. It will cost me about $2500 for the couch, I believe, fits my families needs.  Spring break is coming up for my oldest son. He wants to go to the Mall of America during the holiday. I came up with a budget that included gas, meals, shopping money, activities and the hotel stay. It came up to exactly $2500. My husband recently deployed, and we would all rather spend family time together than purchase a new couch at this time. This is a real life example of  a personal trade off or opportunity cost.

 

Problem seven (15 points)

 
The Red Cross and WIC (Women, Infants, and Children program) both provide emergency food packages and first-aid kits to New York City homeless shelters. Table 2P-1 in your text on page 45 shows their weekly production possibilities in providing emergency goods to NYC homeless shelters. For example Red Cross can produce either 300 food packages OR 50 first-aid kits.
 
NYC homeless shelters need a total of 20 first-aid kits per week. Currently, they get 10 kits from the Red Cross and 10 kits from WIC. With their remaining resources, how many food packages can each organization provide to NYC homeless shelters?

 

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