1. Using the analysis developed in Chapter 4, try to show the size of the income and...
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1. Using the analysis developed in Chapter 4, try to show the size of the income and substitution effects when moving from point x to point y and from point y to point z.
2. Illustrate on an indifference diagram the effect on the hours a person works of
(a) a cut in the rate of income tax;
(b) the introduction of a weekly tax credit, worth £30, to all adults irrespective of income.
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1 a Movement from point x to point y Draw a line parallel to B 2 but tangential to I 1 Call the poin...View the full answer
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