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Hi can you please solve these equations with an explanation ? In the following diagram, Dave's budge line is presented along with an indifference curve
Hi can you please solve these equations with an explanation ?
In the following diagram, Dave's budge line is presented along with an indifference curve from Dave's indifference map. Use the inforrnation in the diagram to solve the following questions. 1. 2. 3. 4. 5. Dave chooses to work hours and earns an income of $ Suppose that the Canadian government taxes income at flat rate of 33.3% with no personal exemption. On the diagram below, show Dave's after tax budget line. Under the income tax, Dave chooses to work 8 hours. Draw an indifference curve consistent with this choice. The tax revenue raised by the income tax is $ Show on the graph the equivalent variation of the total burden of the tax. (use a ruler) 3 60 320 280 240 200 160 120 80 40 10 Scanned with CamScanner 12 14 16 18 20 22 24 Hours of Leisure
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