Econ Assignment

1. Principles of tax equity The mayor of Vancouver wants to upgrade the public transportation system. In order to fund the improvements, the mayor proposes charging an extra $1 for each ride taken. 2. Computing and interpreting average tax rates In a hypothetical economy... The following table shows the annual taxable income and tax liability for these three single individuals... 3. Understanding marginal and average tax rates Consider the economy of Cocoland, where citizens consume only coconuts. Assume that coconuts are priced at $1 each. The government has devised the following tax plans: 4. Taxes paid for a given income level Akshay is single and lives in Thunder Bay. Akshay earned $60,000 in 2013. The following table shows the federal tax rate for individuals in 2013. Fill in the following table with Akshay’s marginal tax rate, total amount of taxes owed, and average tax rate for 2013. Questions 5 to 9 was included in here 5 . Categories of goods Complete the following table by selecting the appropriate definition for each of the given terms. If a good is both excludable and not rival in consumption, then it is 6 . What kind of good is it? Determine whether each of the following goods is a private good, a public good, a common resource, or a club good. 7 . Voluntary contributions toward a public good are considering contributing toward the creation of a public park. Each can choose whether to contribute $300 to the public park or to keep that  8 . Common resources versus private goods The fish in the private pond are considered 9 . Common resources and the Tragedy of the Commons Paolo, Van, and Carlos are fishermen who live next to a lake that is open to fishing Questions 5 to 9 was included in here Identical products, as well as a large number of buyers and sellers, are characteristics of a perfectly competitive market. In such markets, sellers of goods cannot influence the prevailing market price, giving them the role of price takers in the market. The market for wheat does exhibit the two primary characteristics that define perfectly competitive markets. - TRUE