This topic contains a solution. Click here to go to the answer

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

altibaby

  • Hero Member
  • *****
  • Posts: 562
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?



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

olderstudent

  • Sr. Member
  • ****
  • Posts: 339
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).





 

Did you know?

Recent studies have shown that the number of medication errors increases in relation to the number of orders that are verified per pharmacist, per work shift.

Did you know?

Pope Sylvester II tried to introduce Arabic numbers into Europe between the years 999 and 1003, but their use did not catch on for a few more centuries, and Roman numerals continued to be the primary number system.

Did you know?

Asthma occurs in one in 11 children and in one in 12 adults. African Americans and Latinos have a higher risk for developing asthma than other groups.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Did you know?

Asthma cases in Americans are about 75% higher today than they were in 1980.

For a complete list of videos, visit our video library