D. (2) Review: Solving and Examining a Model Given prices, p, and wages, w, consumers choose consumption, c, and hours worked hf, to solve 1 1 _ _ _ C 123:2 log(c) + 210g(1 h ) S. t. pc = whc Given prices, p, and wages, w, firms choose an output quantity, q, and labor hours to hire hf, to solve 1'3qu - whf S. t. q = th Global Markets Clear C = q h': = hf 1. (0.5) Write the Social Planner's Version of the model above. 2. (1) What are the numerical values of p, w, 6, ha, q, hf? [Note: You will need to use Walras Law! Use a value of 1]. 3. (0.5) What is GDP equal to in this model? Clearly link the definition you use to the variable(s), and the value you compute