Joe Kelp owns a commercial fishing fleet, and hires a captain for each boat in h

Question

Joe Kelp owns a commercial fishing fleet, and hires a captain for each boat in his fleet. These workers are considered to be part of the crew. In the market for fresh Pacific salmon, Joe is one of thousands of fishermen. Although Joe usually catches a significant number of fish each year, his contribution to the entire salmon harvet is negligible relative to the size of the market. Joe is considered to be a perfect competitor in the output market. If so, explain why his demand curve for labor (crew workers) is downward-sloping, and his supply curve for labor is perfectly elastic at the market wage/

____________________________________

What is the effective marginal tax rate of a government antipoverty program that guarantees every family a minimim income? Explain. Why might trying several antipoverty benefits to income level lead to an effective marginal tax rate of greater than 100% perfect?

Explanation / Answer

14.5 %

Related Questions

Navigate

• Browse (All)
• Browse J
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.