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Homework answers / question archive / Question 01: An individual spends all his income on two goods X and Y

Question 01: An individual spends all his income on two goods X and Y

Math

Question 01:

An individual spends all his income on two goods X and Y. If with the rise in price of good X, the quantity purchased of good Y remains unchanged, what is the price elasticity of demand for X?

 

Question 02:

According to the Turkish tax legislation, there are two main types of tax statuses regulated on the basis of residence: resident taxpayers and non-resident taxpayers. Individual income tax rates applicable on resident taxpayers for 2018 - 2019 are as follows:

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  1. Show Mathematical Model that represents the aforementioned information to calculate the annual income tax.
  2. How much annual income tax you will have to pay if your monthly taxable income is TRY 9,000.

 

 

Question 03:

Assume that a manufacturer can purchase a needed component from a supplier at a cost of $10 per unit, or it can even invest $ 60,000 in equipment and produce the item at a cost of $7.50 per unit.

  1. Determine the quantity for which total costs are equal for the make and buy alternatives.
  2. What is the minimum cost alternative if 15,000 units are required? What is the minimum cost.
  3. If the number of units required for the component is close to the break-even quantity, what factors might influence the final decision to make or buy

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