I'm in my practice question for my econ class.

For QS 3, do we need to do mrs=w?

I'm not sure about the process for QS 3 #1 & 2

Can you get back to me ASAP?

thank you!

ECON 303~ FINAL EXAM REVIEW.pdf 7 Adobe Acrobat Reader DC (32bit) File Edit View Sign Window Help Home Tools ' ECON 303~ TUTOR,,, lirGEEDQ ECON 303~ TEXTBM ' ECON 303~ FINAL X @@2/4k@@125%vv?a4mf> H' p Type hereto search period 0 is zero. Question III [20 points] Consider an economy in which the representative consumer preferences are described by U(C,l) = 0 (h 0%. The total number of hours available to the representative consumer is h : 17 and the market real wage is w. The representative rm produces the nal consumption good using the technology function Y = 2N Where N is the labour, and z = 1. The consumer pays a proportion t of his income as tax and receives a dividends 7r from the rm. 1' What are the equilibrium values of w and 71'? [05 points] 2. Find the equilibrium leisure 1*. [08 points] Hinthour answer may depend on t. 3. Find the t that maximizes the governments revenue? [07 points] (D! X Sign In (3.1230 ENG lNTL 4