Suppose that you can work anywhere from 0 to 24 hours per day at a wage of
Question:
a. Show your budget constraint between labor and wages, and show your optimum point.
b. Suppose that the tax law is changed so that all wages are subject to a 25% tax. Do you now work more or less than 10 hours? Does the government collect more or less tax revenue than before?
c. Which do you prefer: the old tax law or the new one?
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a The broken line L is your budget line b Your new bud...View the full answer
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