AriqRidwan9030 AriqRidwan9030

26-11-2022
Social Studies

Answered

Although our development of the Keynesian cross in this chapter assumes that taxes are a fixed amount, in many countries taxes depend on income. Let's represent the tax system by writing tax revenue as [tex]T=T+t Y[/tex] where [tex]T[/tex] and [tex]t[/tex] are parameters of the tax code. The parameter [tex]t[/tex] is the marginal tax rate: if income rises by [tex]\$ 1[/tex], taxes rise by [tex]x \$ 1[/tex]
a. How does this tax system change the way consumption responds to changes in GDP?

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