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Leo, who has a utility-of-wealth function Uww () = ln(+ 10), has $500 of income before tax and is taxed at a rate of 25% of earned income. If he is caught underreporting his income he will have to pay the taxes owed and in addition will pay a fine of $2 for every dollar of income he failed to report. How much income will he conceal (i.e., fail to report) if the probability of being caught is 0.1? Also find the market opportunity line and determine the minimum amount of fine such that there is no tax evasion at all.
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