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Category > Economics Posted 12 Jul 2017 My Price 6.00

one-period economy

5. Consider the one-period economy we discussed in the class. The representative consumer has utility function 5번.png The representative firm has technology given by 6번2.png. The government finances G with proportional social security taxes tSS paid by the firm.

(a) Define a Competitive Equilibrium for this economy.

(b) Find the conditions that characterize the CE.

(c) Compare your results with the case of a proportional tax t on labor income that we discussed in the class. Under what conditions do they lead to the same allocation? What does that imply with regard to the consumer’s utility? What are the implications for tax incidence?

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SuperTutor
(15)
Status NEW Posted 12 Jul 2017 06:07 AM My Price 6.00

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