In a situation wherein Country Y has a progressive tax system for income, with no credits or deductions, a CEO earning $2.5 million per year would pay the most as a percentage of income in the country Y. Therefore, the option D holds true.
<h3>What is the significance of a progressive tax system?</h3>
A progressive tax system can be referred to or considered as a system wherein the percentage of tax to be levied increases with an increase in the total taxable income for an individual. The rates of taxation under this system are defined under percentage.
In the situation given above, when a CEO in country Y earns $2.5 million, i.e., more than any other person mentioned above, he will be the one who will have to pay the most taxes as a part of percentage of his income.
Therefore, the option D holds true and states regarding the significance of the progressive tax system.
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Answer:
The budget for The Twilight Saga: New Moon = $50 million
Explanation:
Let the budget for Twilight Saga: New Moon = T
Let the budget for Harry Potter: The Half Blood Prince = H
We are given the following:
(The budget for Twilight Saga is one-fifth the budget for Harry Potter)
Cross multiplying the equation
5T = H - - - - (1)
H + T = 300,000,000 - - - - - (2) (Together the budgets totaled $300 million)
Next, let us substitute the value of H in equation (2) with equation (1)
(5T) + T = 300,000,000
6T = 300,000,000
Therefore, the budget for The Twilight Saga: New moon = $50,000,000
And the budget for Harry Potter: The Half Blood Prince = $250,000,000
Answer:
a higher price and produce a smaller output than a competitive firm
Explanation:
A monpolistically competitive firm is a firm that :
1. Sells differentiated products from other firms in the industry.
2. Has many buyers and sellers
3. Is a price maker
4. Has no barrier to entry or exist of firms
An example of a monpolistically competitive firm is a resturant.
A competitive firm is a firm that:
1. Sells identical goods with other firms in the industry.
2. Is a price taker . Prices are set by forces of demand and supply
3. Has many buyers and sellers
4. There are no barriers to entry or exist of firms.
When a monopolistic and competition firm are faced with the same unit cost, a monopolistic firm would aim to earn profit by increasing its price and reducing the quantity produced.
While a perfect competition would sell at the price set by the forces of demand and supply. The firm can increase the quantity produced in order to increase revenue.
A monopolistic firm is able to charge a higher price for its products while a perfect competition isn't.
It doesn't take that long to be honest, I got mine in a week
