Suppose that, instead of a fixed level of taxes, we had an income tax so that T
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Where t1 was the income tax rate following the procedure of Section 4, derive an expression for equilibrium income Y analogous to equation (14) for this case in which the level of tax collections depends on income. What is the expression equivalent to the autonomous expenditure multiplier [1/(1 - b)] for this case of an income tax?
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Following the same steps as in deriving 614 ...View the full answer
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