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Economics Individuals who receive retirement benefits from the Social Security Administration are subject to something known as the \"retirement earnings test.\" In 2020, this test reduced benefits by one dollar for every two dollars earned between $18,240 and $48,600. The test applies to beneficiaries between ages 62 and the \"Normal Retirement Age,\" currently 67. Although these reduced benefits are eventually restored to beneficiaries in an actuarially fair manner at a later date, research shows that most people perceive the retirement earnings test to be a pure tax on labor earnings. With these facts in mind below for the budget constraints, identify equations for the three budget constraints and explain how you get them. You can assume that the individual's total quantity of benefits is such that they are completely reduced to $0 at the point where they have earned $48,600. i. The constraint that applies to beneficiaries who choose not to receive benefits ii. The constraint that applies to those who receive benefits between 62 and the NRA iii. The constraint that applies to beneficiaries, older than the NRA, receiving benefits