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This is for my Public Economics course. Accurate answer and explanation please. Thank you so much.
1. What is the supply elasticity of labor for a primary worker in the United States? Given this elasticity, explain the incidence of a payroll tax levied on employers.
2. Suppose the labor supply elasticity for secondary workers is 1.0 in the United States. Compare the economic incidence of the payroll tax on employers for secondary employees with the incidence of the same tax on primary workers. Explain using graphs.
3. The U.S. personal income tax taxes nominal rather than real returns to savings and investments. Explain how taxing real returns to saving as opposed to taxing nominal gains returns might affect incentives to save and invest.
4. Explain the difference between the extensive margin and the intensive margin, as it applies to the relationship between the EITC and work effort.
5. Explain the main features of the Earned Income Tax Credit (EITC). Do the income and substitution effects associated with each phase of the program’s design induce a person to work more or less? Why?
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