A. Draw a common Total Utility function for annual income. Use the Utilitarian type (e.g. natural log). Label the graph in full. B. Use the utility function to justify progressive income taxes (i.e....

A. Draw a common Total Utility function for annual income. Use the Utilitarian type (e.g. natural log). Label the graph in full.

B. Use the utility function to justify progressive income taxes (i.e. higher percent of income taxed at higher income levels). Label parts of the graph to explain conventional reasoning for progressive income taxes.

C. Vilfredo Pareto had criticisms of utility function based justifications for progressive income taxes. Identify two Pareto based criticisms of the reasoning in part B. Explain Pareto’s different beliefs on the subject.