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Author Question: Sumptuary taxes are often justified on the grounds that _____. a. bad activities should be ... (Read 114 times)

altibaby

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on: Jul 1, 2018
Sumptuary taxes are often justified on the grounds that _____.
 
  a. bad activities should be discouraged
  b. the rich should pay more
  c. the poor should pay less
   d. merit goods need encouragement

Question 2

Suppose the production function for T-shirts can be represented as q = L0.25K0.75. When K = 1 and q = 2, what is the slope of the isoquant? If there is insufficient information to answer the question, describe what information is needed.
 
  What will be an ideal response?


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olderstudent

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Reply #1 on: Jul 1, 2018
Answer to Question 1

a

Answer to Question 2

Since the slope of the isoquant is -K/3L, one needs to know the level of L. Since K = 1 and q = 2, L must equal 16. Thus, the slope of the isoquant at this point is -(1/48).


altibaby

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Reply #2 on: Jul 1, 2018
Thank you :)


olderstudent

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Reply #3 on: Jul 1, 2018
Happy to help you


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