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Laffer curve (H2)<br />A graphical representation of the relationship between AVERAGE TAX RATES and total tax revenues which asserts that above a certain average rate of tax, total tax revenue will decline. The curve is named after Professor Arthur Laffer, a prominent economic adviser to US President Reagan in the 1980s and a popular leader of the suPPLY-SIDE school of economics. Although Laffer's supporters are eager to specify more clearly the shape of the curve, it still has the curious feature of associating each tax revenue with two tax rates, one high and the other low, except at point X where government revenue is at a maximum Ctrn is the tax rate which maximizes tax revenues). The curve implies that, as there is a ceiling to the amount a government can raise, there is a limit to the level of public goods which can be provided. DUPUIT in 1844 stated the same principle. <br />Tax rate
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<strong>ACG</strong> – Academic Competitiveness Grant, a new federal grant available as of July 1, 2006. Eligibility for this grant is based on high school academic performance as well as financial need. More information is available at:
http://studentaid.ed.gov/PORTALSWebA...sp?tab=funding.
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direct cost (DO)<br />1 A production cost directly attributable to the cost of producing one unit of a particular output.<br /> 2 Variable cost.<br /><em>See also:</em> indirect cost
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