Question: this question is similar to Study Problem 1 in the 10th edition, Study Problem 1 in the 9th edition, and Connect Study Problem 1 in

this question is similar to Study Problem 1 in the 10th edition, Study Problem 1 in the 9th edition, and Connect Study Problem 1 in the 8th edition. In the economy of Jamesland, GDP is currently $3500million. Production in Jamesland is unaffected by changes in tax rates until the rate is more than 10%. Thereafter, for each 2-percent increase in the tax rate, GDP drops by $200 million. A. Complete the table below for the government of Jamesland. Tax revenue is GDP times the tax rate. % Tax Rate GDP Tax Revenue 0 3500 0 2 3500 70 4 3500 140 6 Answer 1 Question 1 Answer 2 Question 1 8 Answer 3 Question 1 Answer 4 Question 1 10 Answer 5 Question 1 Answer 6 Question 1 12 Answer 7 Question 1 Answer 8 Question 1 14 Answer 9 Question 1 Answer 10 Question 1 16 Answer 11 Question 1 Answer 12 Question 1 18 Answer 13 Question 1 Answer 14 Question 1 20 Answer 15 Question 1 Answer 16 Question 1 22 Answer 17 Question 1 Answer 18 Question 1 24 Answer 19 Question 1 Answer 20 Question 1 26 Answer 21 Question 1 Answer 22 Question 1 28 Answer 23 Question 1 Answer 24 Question 1 30 1500 450 B. The optimal tax rate to maximize tax revenue is Answer 25 Question 1 %. This optimal tax rate results in tax revenue of $Answer 26 Question 1 million

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