The Jones family has an average tax rate of 15 percent. Its marginal tax rate is
A. less than 15 percent.
B. 15 percent.
C. more than 15 percent.
D. impossible to find.
C. more than 15 percent.
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Three individuals have $1000 and identical preferences for gum, g, and cigarettes, s, as measured by the utility function U(g,s) = 10g0.9s0.1. The price of gum is $9 and the price of cigarettes is $12. What is the market surplus/shortage at a price of $12 when the supply of cigarettes is 5?
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