1. Don and Mike are neighbors. Both enjoy a paved road, but their demands differ. Don’s demand is given by Q = 20 – 2P while Mike’s is Q = 60 – 4P, where Q is the amount of paved road in miles.
(a) What is the vertical summation of their demand curves?
(b) The marginal cost (MC) 1.75Q. What is the socially efficient amount of paved road?
2. Pam is a single person without dependents. In 2016, her adjusted gross income (AGI) was $40,000. She is entitled to a personal exemption and uses the standard deduction. (a) How high is this personal exemption for tax year 2016?
(b) What was the standard deduction for 2016?
(c) How much did Pam have to pay in federal personal income taxes for tax year 2016? (d) [1 pt.] What fraction of her AGI did Pam pay in federal personal income taxes?
3. It’s 2017 and you are a single person who has reached the full benefits age for Social Security. Your average indexed monthly earnings are $3,000. What is your primary insurance amount (PIA)?
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