ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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4. Now. suppose that, instead of taxing citizens to hire health-care workers, the govern- ment imposes compulsory health-care training and service: the representative house- hold has to dedicate m units of time to administer vaccines, unpaid. The rest of their time is available to use as they please and no taxes are imposed. Set up the household's optimisation problem under this policy. 5. Show that the representative household's level of consumption, leisure, hired health- care labour and compulsory health-care labour are the same under both policies. Ex- plain.
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Transcribed Image Text:4. Now. suppose that, instead of taxing citizens to hire health-care workers, the govern- ment imposes compulsory health-care training and service: the representative house- hold has to dedicate m units of time to administer vaccines, unpaid. The rest of their time is available to use as they please and no taxes are imposed. Set up the household's optimisation problem under this policy. 5. Show that the representative household's level of consumption, leisure, hired health- care labour and compulsory health-care labour are the same under both policies. Ex- plain.
3 Supply side An economy is populated by a representative household with the following preferences: u(c) +v(l), where consumption is c and lis leisure. The household has 1 unit of time so its budget is c=w(1-1)-T, where w is the wage rate and r is a tax that the government collects. Notice that 7 is a lump-sum tax, not an income tax: the household must pay the same amount regardless of how much income it earns. 1/₂ T 1 " I Vi Figure 1: Consumption across two periods
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Transcribed Image Text:3 Supply side An economy is populated by a representative household with the following preferences: u(c) +v(l), where consumption is c and lis leisure. The household has 1 unit of time so its budget is c=w(1-1)-T, where w is the wage rate and r is a tax that the government collects. Notice that 7 is a lump-sum tax, not an income tax: the household must pay the same amount regardless of how much income it earns. 1/₂ T 1 " I Vi Figure 1: Consumption across two periods
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