Consider a representative household in the static consumption-leisure model with prefer- ences given by u(c, 1) = Ac/2+/2. The household has a unit time endowment given by 1 = 1+n, faces a price of P on consumption, and earns nominal wages at rate W on their labor supply, n. In addition, the household faces a proportional tax on wage income of 7. (a) Interpret in words the economic significance of the exogenous parameter A. (b) Interpret in words the economic significance the unitary time endowment.