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    Harvard university
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Category > Economics Posted 12 Jul 2017 My Price 6.00

tax on cigarettes

QUESTION 1

 

Suppose there is a bill to increase the tax on cigarettes by $1 per pack coupled with an income tax cut of $500. Suppose a person smokes an average of 500 packs of cigarettes per year—and would thus face a tax increase of about $500 per year from the cigarette tax at the person’s current level of consumption. The income tax measure would increase the person’s after-tax income by $500.

 

Would the combined measures be likely to have any effect on the person’s consumption of cigarettes? Why or why not?

 

ANSWER IN 4 OR MORE WELL CONSTRUCTED PARAGRAPHS AND INCLUDE APA CITATION.

 

QUESTION 2

 

Suppose a firm finds that the marginal product of capital is 60 and the marginal product of labor is 20. If the price of capital is $6 and the price of labor is $2.50, describe how the firm should adjust its mix of capital and labor? What will be the result?

 

ANSWER IN 4 OR MORE WELL CONSTRUCTED PARAGRAPHS AND INCLUDE APA CITATION

 

 

QUESTION 3

 

Please explain why the law of diminishing returns applies only in the short-term period.

 

ANSWER IN 4 OR MORE WELL CONSTRUCTED PARAGRAPHS AND INCLUDE APA CITATION

Answers

SuperTutor
(15)
Status NEW Posted 12 Jul 2017 04:07 AM My Price 6.00

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