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irina1246 [14]
2 years ago
6

Consider the following data that describe the relationship between income and a tax. Income Taxes $20,000 $3,400 16,000 3,000 12

,000 2,400 8,000 1,600 4,000 800 The tax may be best described as________
Business
2 answers:
Charra [1.4K]2 years ago
7 0

Answer:

Consider the following data that describe the relationship between income and a tax.

Income    Taxes :

$20,000    $3,400;

$16,000     $3,000;

$12,000     $2,400;

$8,000     $1,600

$4,000      $800

The tax may be best described as________

<em>Progressive income tax system</em>

Explanation:

This system of tax is the progressive income tax system where bigger income attracts bigger tax, also smaller income attracts smaller tax, from the illustration a person earning $20,000 pays a tax $3,400 as opposed to the person that earns $4,000 who pays a tax of $800.

The progressive income tax system is a system of tax in which the bigger earners pay more taxes to the government more than the people earning less. <em>This system of tax is aimed at making sure that the gap between the low, middle and high-income earners are minimized.</em>

pav-90 [236]2 years ago
3 0

Answer: Proportional at lower income levels and regressive at higher income levels.

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What is income elasticity onlyy
Lina20 [59]

Income elasticity of demand measures the receptiveness of the quantity demanded for a good or service to a change in income.

It's calculated as the ratio of the percentage change in quantity demanded to the percentage change in income.

Explanation:

Hope this helps!!

8 0
3 years ago
Is 6 ft greater than 72 inches
Rudik [331]
No, 6ft=72in. There the same.
3 0
2 years ago
Read 2 more answers
When you borrowed $50 from your rich cousin, and then had to pay her back $60, what is the original $50 called? a) Bribery b) In
alexira [117]
The correct answer is C. 100%. Please mark as brainliest! :) Have a blessed day!
7 0
2 years ago
Blinding Light Co. has a project available with the following cash flows: Year Cash Flow 0 −$33,790 1 8,210 2 9,890 3 14,120 4 1
oksano4ka [1.4K]

Answer: 20.15%

Explanation:

The IRR is the discount rate that makes brings the Net Present Value to zero.

It can be solved for by various means including using Excel as shown in the attached file.

Year 0      -33790

Year 1        8,210

Year 2       9,890

Year 3       14,120

Year 4       15,930

Year 5       10,820

= IRR (-33,790 , 8,210 , 9,890 , 14,120 , 15,930 , 10,820 )

= 20.15%

4 0
2 years ago
When the price of a movie ticket rises from $6 to $8 for senior citizens, Gary (a senior citizen) decides to go to the movies ev
Aleonysh [2.5K]

Answer:

2.33 ; demand for movies is elastic

Explanation:

The computation of the price elasticity of demand is presented below:

= (change in quantity demanded ÷ average of quantity demanded) ÷ (percentage change in price ÷ average of price)  

where,  

Change in quantity demanded is

= Q2 - Q1

= 30 - 15

= 15

And, an average of quantity demanded is

= (30 + 15) ÷ 2

= 22.50

Change in price would be

= P2 - P1

= $8 - $6

= $2

And, the average of price is

= ($8 + $6) ÷ 2

= 7

So, after solving this, the price elasticity of demand is 2.33

Since it is not given by which method we have to calculate it. So, we use the mid point formula.

Based on the above calculation, we concluded that the demand for movies is elastic

7 0
3 years ago
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