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Author Question: What determines how much labor a household will supply? What will be an ideal ... (Read 101 times)

audie

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on: Jun 29, 2018
What determines how much labor a household will supply?
 
  What will be an ideal response?

Question 2

What argument do you believe policymakers use in some states to justify exempting unprepared food from sales tax? (Hint: the income elasticity of food is less than one)
 
  What will be an ideal response?


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Carissamariew

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Households will supply labor as long as the wage they receive exceeds the value of leisure or the value from unpaid work.

Answer to Question 2

Since the income elasticity of food is less than one that means that expenditure on food tends to represent a higher portion of a poor person's income. By making unprepared foods exempt from sales tax policymakers are attempting to reduce the regressivity of the sales tax overall.


audie

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

bimper21

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Reply 3 on: Yesterday
Excellent

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