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MMLU-Pro / 7075 / Mr. Errol makes deliveries by bicycle for a living and earns …

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

Mr. Errol makes deliveries by bicycle for a living and earns $200 a week. He is currently taxed at a rate of 20%. Be-cause of his superior work record, his boss gave Mr. Errol a $10 raise in pay. Mr. Errol is excited, but does not realize that this raise in pay puts him in a 25% tax bracket. a) How much of an increase in take-home salary does this raise amount to? b) Discuss Mr. Errol's marginal tax rate.
Plain-text mathematical notation (without MathML)
Mr. Errol makes deliveries by bicycle for a living and earns $200 a week. He is currently taxed at a rate of 20%. Be-cause of his superior work record, his boss gave Mr. Errol a $10 raise in pay. Mr. Errol is excited, but does not realize that this raise in pay puts him in a 25% tax bracket. a) How much of an increase in take-home salary does this raise amount to? b) Discuss Mr. Errol's marginal tax rate.
Original LaTeX notation
Mr. Errol makes deliveries by bicycle for a living and earns $200 a week. He is currently taxed at a rate of 20%. Be-cause of his superior work record, his boss gave Mr. Errol a $10 raise in pay. Mr. Errol is excited, but does not realize that this raise in pay puts him in a 25% tax bracket. a) How much of an increase in take-home salary does this raise amount to? b) Discuss Mr. Errol's marginal tax rate.

category

economics

options

  1. Increase in pay of $2.50, Marginal tax rate of 20%
  2. Drop in pay of $10, Marginal tax rate of 200%
  3. Increase in pay of $5, Marginal tax rate of 25%
  4. Drop in pay of $5, Marginal tax rate of 75%
  5. Increase in pay of $2.50, Marginal tax rate of 50%
  6. Drop in pay of $2.50, Marginal tax rate of 125%
  7. Increase in pay of $7.50, Marginal tax rate of 20%
  8. No change in pay, Marginal tax rate of 25%
  9. Increase in pay of $7.50, Marginal tax rate of 25%
  10. Increase in pay of $10, Marginal tax rate of 25%

src

stemez-Economics

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Source and history

upstream_id / Original problem ID
7075
task_id
99e57cd2-97b9-50fa-b6d7-fa8cc86a159d
task_key
default--test--7075
task_revision_id
1
config / split
default / test

Official source

initial import