Officer workers T Residents of Scranton, PA have utility functions given by ufc, 1), where c...

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Officer workers T Residents of Scranton, PA have utility functions given by ufc, 1), where c = consumption and 1 hours of leisure. Individuals may have different utility functions but you should assume that all individuals have standard preferences (ie, their utility functions are strictly increasing and strictly concave in both consumption and leisure). Individuals have T- 100 hours that they can either spend on leisure or spend working. 1. Ryan is a resident of Scranton whose hourly wage is wR=$5. Draw Ryan's budget constraint. Clearly label all axes, intercepts, and kink points. 2. Now, suppose the government introduces the following progressive income tax. Individuals pay no taxes on the first $200 they earn but face a tax rate t = 0.5 on income they earn above $200. Draw Ryan's new budget constraint. Clearly label all axes, intercepts, and kink points. 3. With the above progressive tax system still in place, the government no implements a new transfer program. Individuals with zero earnings receive a lump-sum granD=$100. Then for each dollar the individual earns, the grant is reduced by $0.50 until the grant is completely phased out. Clearly label all axes, intercepts, and kink points. 4. Before the tax and transfer program had been implemented, Ryan worked 80 hours. How do you expect the tax and transfer program to affect his hours worked? Clearly justify your answer. (1-2 sentences) 5. After the new tax and transfer system has been implemented, Ryan chooses to work 52 hours. On a graph that shows both the pre and post program budget lines, draw an indifference curve for Ryan. Officer workers T Residents of Scranton, PA have utility functions given by ufc, 1), where c = consumption and 1 hours of leisure. Individuals may have different utility functions but you should assume that all individuals have standard preferences (ie, their utility functions are strictly increasing and strictly concave in both consumption and leisure). Individuals have T- 100 hours that they can either spend on leisure or spend working. 1. Ryan is a resident of Scranton whose hourly wage is wR=$5. Draw Ryan's budget constraint. Clearly label all axes, intercepts, and kink points. 2. Now, suppose the government introduces the following progressive income tax. Individuals pay no taxes on the first $200 they earn but face a tax rate t = 0.5 on income they earn above $200. Draw Ryan's new budget constraint. Clearly label all axes, intercepts, and kink points. 3. With the above progressive tax system still in place, the government no implements a new transfer program. Individuals with zero earnings receive a lump-sum granD=$100. Then for each dollar the individual earns, the grant is reduced by $0.50 until the grant is completely phased out. Clearly label all axes, intercepts, and kink points. 4. Before the tax and transfer program had been implemented, Ryan worked 80 hours. How do you expect the tax and transfer program to affect his hours worked? Clearly justify your answer. (1-2 sentences) 5. After the new tax and transfer system has been implemented, Ryan chooses to work 52 hours. On a graph that shows both the pre and post program budget lines, draw an indifference curve for Ryan.