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Draw the person budget constraint

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Government introduces a new income guarantee program for low-income families. Consider the program with an income guarantee of $5000 and a benefit reduction rate of 25%. A person can work up to 2,000 hours per year at $15 per hour

a. Draw the person's budget constraint without and with the income guarantee. Label as many things as you humanly can.

b.Who would be affected by this program and who would not (use yearly income and number of hours worked to describe the affected and unaffected groups)?

Reference no: EM132631391

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