Question: Your research assistant has a worried look on her face. What's the problem? you ask. I goofed, she confesses. 1 thought taxes were exogenous when

Your research assistant has a worried look on her face. "What's the problem?" you ask. "I goofed," she confesses. "1 thought taxes were exogenous when actually there's a marginal tax rate of .1." Before she can utter another word, you say, "No problem. I'll simply recalculate my answers to questions 1 and 2 and change them before I send them in." What are your corrected answers?

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