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For problems that require it, PLEASE SHOW ALL WORK 1. Imagine that you are a Wisconsin state senator. It is up to you and your colleagues to establish a system of education in in the state: thus, you need to consider various policy plans and act on behalf of your constituents to establish the best system. In Wisconsin, there are three types of households: Type I households have a pre-tax income of $25,000 and they do not value education much, Type II households have a pre-tax income of $100.000 and value education very much, and Type III households have a pre-tax income of $100,000 and value education more than Type I, but substantially less than Type II. Assume that households can spend their income on education or other goods. Use this information to answer the following questions. (15 pts) in a. One senator recommends a system where there is only private education available to the households in your state Draw the budget constraints for the three household Wisconsin under this plan. Also draw indifference curves that maximize utility for each type of household, where spending on education for each is the following Type 1 - $1000, Type II - $10.000. Type III - $5000. (Hint: be sure to label amount of spending on each type of good.) b. A cond senator then presents an alternative education option. They presenta progressively taxed option where each househokl is taxed 3 cents dollar of their income (ie. 3%) to be used for public schools. The state then provides $1000 worth of publie clucation spending to each householl with the tax revenues Draw the new budget constraints for the three household typus in Wisconsin weer this plan and three new indifference curves that maximize utility for each household in How much in eclucation puding does each househokl get under this plan? Are the households better off worse off or the same under tlus plan (address each in turn? Hxplain Agzi, be sure to label amounts of pemuting or type of geod. c. How much does each plan produce in total education spending in Wisconsin? If higher total education spending equates to higher educational attainment, which of these proposals do you prefer? d. Because you took ECON 445, you know that vouchers can theoretically improve achievement. You propose using the same progressive tax system as in d. to fund vouchers worth $1000 for each type of household (with no public education option). Draw the new budget constraints for the three household types in Wisconsin under this plan and three new indifference curves that maximize utility for each household type. How much does each household type spend in education under this plan? Are the households better off. 1 worse off, or the same under this plan (address cach in turn)? Explain. Agairi, be sure to labd amounts of spending on each type of good.) e How much in total education spending does the voucher system preluce? Were you correct that this system would produce greater educational attainment than the plants of your two For problems that require it, PLEASE SHOW ALL WORK 1. Imagine that you are a Wisconsin state senator. It is up to you and your colleagues to establish a system of education in in the state: thus, you need to consider various policy plans and act on behalf of your constituents to establish the best system. In Wisconsin, there are three types of households: Type I households have a pre-tax income of $25,000 and they do not value education much, Type II households have a pre-tax income of $100.000 and value education very much, and Type III households have a pre-tax income of $100,000 and value education more than Type I, but substantially less than Type II. Assume that households can spend their income on education or other goods. Use this information to answer the following questions. (15 pts) in a. One senator recommends a system where there is only private education available to the households in your state Draw the budget constraints for the three household Wisconsin under this plan. Also draw indifference curves that maximize utility for each type of household, where spending on education for each is the following Type 1 - $1000, Type II - $10.000. Type III - $5000. (Hint: be sure to label amount of spending on each type of good.) b. A cond senator then presents an alternative education option. They presenta progressively taxed option where each househokl is taxed 3 cents dollar of their income (ie. 3%) to be used for public schools. The state then provides $1000 worth of publie clucation spending to each householl with the tax revenues Draw the new budget constraints for the three household typus in Wisconsin weer this plan and three new indifference curves that maximize utility for each household in How much in eclucation puding does each househokl get under this plan? Are the households better off worse off or the same under tlus plan (address each in turn? Hxplain Agzi, be sure to label amounts of pemuting or type of geod. c. How much does each plan produce in total education spending in Wisconsin? If higher total education spending equates to higher educational attainment, which of these proposals do you prefer? d. Because you took ECON 445, you know that vouchers can theoretically improve achievement. You propose using the same progressive tax system as in d. to fund vouchers worth $1000 for each type of household (with no public education option). Draw the new budget constraints for the three household types in Wisconsin under this plan and three new indifference curves that maximize utility for each household type. How much does each household type spend in education under this plan? Are the households better off. 1 worse off, or the same under this plan (address cach in turn)? Explain. Agairi, be sure to labd amounts of spending on each type of good.) e How much in total education spending does the voucher system preluce? Were you correct that this system would produce greater educational attainment than the plants of your two