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Author Question: Using the principle of vertical equity, it is easy to argue in favor of _____. a. sumptuary ... (Read 56 times)

Awilson837

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on: Jul 1, 2018
Using the principle of vertical equity, it is easy to argue in favor of _____.
 
  a. sumptuary taxation
  b. progressive taxation
  c. regressive taxation
   d. none of the above

Question 2

Suppose the production function for T-shirts can be represented as q = L0.25K0.75. Show that the isoquants for this function are convex.
 
  What will be an ideal response?
Microeconomics ¦ Perloff ¦ 8th Edition
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micaelaswann

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

d

Answer to Question 2

The slope of the isoquant is -MPL/MPK = -K/3L. As L increases and K decreases, this value becomes absolutely smaller implying a flatter slope.


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