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Consider an economy with a 100% clawback welfare program

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Question: 1. Consider an economy with a 100% clawback welfare program. If the government reforms this program to a negative income tax program with a lower clawback rate (e.g., 50%), how would this affect an individual's optimal labor supply? Hint: Try to be as comprehensive as possible with your answer. Utilize concepts such as substitution effect, income effect, and reservation wages. Consider dividing your answer into different cases depending on the individual's working hours under the 100% clawback welfare program.

Reference no: EM133575235

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