Need answer 10 and 11 10. Why does the government not set a minimumwage for corporate lawyers and airline pilots?11. If the rate of inflation is 10 percent higher thanexpected, and -(elasticity of labor demand) is 5, whatwill happen to the employment level in jobs that paythe minimum wage?12. What happens to the rate of unemployment ofminimum wage workers if the rate of inflation is lowerthan expected?16. Why isn't an increase in the minimum wage just aredistribution from firms to workers?17. A politician is in favor of getting rid of theminimum wage entirely. How would you argue againstthat proposal?

A minimum wage refers to the lowest wage a worker can be paid legally.

Answered: 10. Why does the government not set a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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(Tax evasion) A household with income Y decides how much income to un- derreport (R). The household is taxed at rate t. The available income after reporting Y - R is Y - t(Y – R) The government monitors households and can detect tax evasion with probability p. If the govern- ment finds the household misreported income, the available household income becomes Y(1 – t) – P(R) Henceforth, the expected after-tax income of misreporting R is: (1- p) Y – t(Y – R)] + p[Y(1 – t) – P(R)] i) What is the optimal amount of income misreported when Y = 100, the tax rate t = 0.25, the probability that the government detects tax evasion is p = 0.2, and the penalty if found evading is P(R) = ? ii) How would tax evasion change if the household is taxed at t = 0.4. Interpret the difference with your answer in i).
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10. Why does the government not set a minimum wage for corporate lawyers and airline pilots?