Suppose george made 20000 last year and he lives i n the, Ask an Expert

Economics

Suppose George made $20,000 last year and he lives I n the country of Harmony. The way Harmony levies income taxes, each citizen must pay 10% in taxes on their first $10,000 in earnings and then 50% in taxes on anything else they may earn. So given that George earned $20 last year, his marginal tax rate on the last dollar he earns will be ______ and his average tax rate for his entire income will be ______.

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M91844174

Have any Question?Write your Review or question?

Related Questions in Business Economics

What is the theory of consumer choice and how it consumers

What is the theory of consumer choice and how it consumers facing trade-offs make decisions and how they respond to changes in their environment?

If the coefficient of determination is 0738 what percentage

If the coefficient of determination is 0.738, what percentage of the data about the regression line is unexplained?

A how can use the criteria for evaluating alternative

a) How can use the criteria for evaluating alternative methods of government finance to assess the most important revenue proposals of the 2018/19 budget. b) In the case tax is most important revenue proposals of the 201 ...

Some farm land is more productive than other land in the

Some farm land is more productive than other land in the sense that it can grow more food per hectare. Farmers also use fertilizer to grow food (i.e. adding fertilizer increases crop yield by 10 percent) earn more revenu ...

Cowland copr plans to issue equity to raise 493

COWLAND COPR plans to issue equity to raise $49.3 million to finance a new investment. After making the? investment, COWLAND COPR expects to earn free cash flows of $10.4 million each year.? COWLAND COPR's only asset is ...

If a patient who was injured and is thinking about whether

If a patient who was injured and is thinking about whether or not to file a medical malpractice claim against his doctor. He is considered a "rational" decision maker in the sense that he decides whether or not to file a ...

Calculatenbspandnbspanalyzenbspthe following ratios for

Calculate and analyze the following ratios for your selected company for the last two years from the SEC Form 10-K: Inventory Turnover Time Interest Earned

Toms income is 480and he spends it on two goods x and y his

Tom's income is $480and he spends it on two goods, X and Y. His utility function is U = XY. Both X and Y sells for $8 per unit. a. Use lagrangian function to calculate Tom's utility-maximizing purchases of X and Y. b. ...

How the manager use the information supposed the

How the Manager use the information "supposed the macroeconomic forecast predict that the economy will be expanding in the near future" in an organization?

What is the market price of a bond if the face value is

What is the market price of a bond if the face value is $1,000 and the yield to maturity is 6.2 percent? The bond has a 5.75 percent coupon rate and matures in 12.0 years. The bond pays interest semiannually.

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert