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1 Preference change Consider a one-period closed economy, i.e. agents (consumers, firms and government) live for one period, consumers supply labor and demand consumption good, whereas firms supply consumption good and demand labor, and government finances an exogenous spending via lump-sum taxes. Suppose that representative consumer's preferences change, in that n goes up. 1. How does the marginal rate of substitution of leisure for consumption change for each value of consumption and leisure? (MRS,c) 2. Interpret what this change in preferences means in more intuitive language. 3. Analyze the effects of this change in preferences on the consumption/leisure choice of the individuals given a constant wage and tax. Support your answer with appropriate graphs. 4. How does this change affect the labor supply curve. (Ns(w)) Where; We have the time constraint | + NS = 1