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Now assume that a recession (triggered by a reduction of Aggregate Demand) causes each of the five incomes to fall by 20%. In other words,

Now assume that a recession (triggered by a reduction of Aggregate Demand) causes each of the five incomes to fall by 20%. In other words, income is 80% of what they used to be. Given the lower income, a) what would be the total tax revenue paid by each of the five citizens? b) what is the total tax revenue for the small nation?(18 points)

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