How could utility theory help us understand the difference between a federal income tax and a federal sales tax on consumer consumption patterns?

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Nelly StrackeLv2

6 May 2019

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3. Thinking of your own consumer tendencies, provide an example andexplain how the law of diminishing marginal utility applies to yourpersonal consumption patterns and how the utility-maximization ruleand the income and substitution effects play a role in yourshopping at the mall and grocery stores.

4. Is the law of diminishing returns impacted as a result of firmsnot hiring the best workers that may be available for positionswithin the firm or organization? Explain your answer.

orchidpanda524

In the last few years, the Federal government cut the GST (the federal sales tax on goods and services which Ontario later blended into the PST to create the HST) by two percentage points. The federal government could have transferred this cut to income taxes instead, i.e. it could have decreased taxes on income instead of on the GST. Sources of income that taxes are paid on include labor (work) as well as investment earnings. Assuming that taxes are to be cut, which tax cut do you believe is more beneficial for long-run economic growth, a GST/HST reduction, or an income tax reduction? Assume that either of the reductions would be revenue-neutral, i.e., the federal government would forfeit the same amount of revenue with either tax that is cut

Please I need more information on this question

tantermite413

-Select a specific consumer behavior and construct that highlights the workings of marginal utility and how it affects the consumption pattern for goods and services.

-Using the Diamond-Water Paradox as a guide and two other goods of your choice, illustrate the paradox of value.

-Explain the roles total utility and marginal utility play to understand this paradox.

crimsonhound747

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How could utility theory help us understand the difference between a federal income tax and a federal sales tax on consumer consumption patterns?

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