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Actually there is no single agreed upon definition of low middle and high class. For example, Pew research center uses the following definitions: “Pew Research defines middle-income Americans as those whose annual household income is two-thirds to double the national median. For a family of three, that ranges from \$42,000 to \$126,000 in 2014 dollars. ...


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Pareto believed economics could be studied with the same mathematical rigor as physics, so it's quite possible he was speaking to the similarities between mathematical economics and classical mechanics (the latter of which was just coming into its own in the early 1900s). I'm a physicist by training too, and those similarities helped me rapidly cover a ...


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A market is covered if all consumers will choose to buy from at least one of the firms at the prevailing prices. For example, consider a standard Hotelling model with two firms who are located at opposite ends of the unit interval. Suppose that each firm charges that same price $p$ and that consumers are uniformly located on $[0, 1]$. Finally, suppose that ...


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It is possible. Trivially if we have $Q^s=f(p)$ and $Q^d=g(p)$ and we plot this in a 3d-coordinate system with variables $p$, $Q$ and some other variable $x$ (which does not appear in our functions at all), then we can take a 'slice' for every $x$-value, and in fact every slice gives us the conventional 2d-depiction of this model. We could of course take ...


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You have to make sure you use the same source of tax data for a meaningful comparison because it matters what is included in that total tax revenue and what isn't. 1muflon1 suggested using OECD data which at least on that page doesn't have Argentina. The IMF data available through World Bank does have it, but my point is that if you compare the two graphs ...


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I am not sure how you calculated the tax revenue in relation to GDP, but one measure would be tax revenue as % of GDP. This is quite common measure of how heavy the taxation is because it tells you what percentage of total output produced by country is collected by government. OECD provides data on this measure here. However, it can always happen that even ...


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same as for a company, if you assume that you are buying it for the rent it will get you then the value of the asset is the sum of the discounted future cash flows (called FFO in RE) you can also apply the comparables methods, in this field we usually apply it with a slight twist we read it in terms of yield (inverse of the multiple) which is called a cap ...


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It looks like a cash-accounting NPV that includes closing the position (selling the plant, the car, whatever) after the period of consideration. Asset values show up in the final term because cash accounting applies cash outlays to the period in which they actually occur. Typically, that asset value would be net of depreciation and therefore less than $I_0$. ...


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