1. Suppose that for every hour you work, you can earn $10 before taxes. Furthermore, suppose that you can work up to 16 hours per day, 365 days per year. Draw your annual budget constraint reflecting the consumption-leisure trade-off under each of the following income tax schemes. a. A flat income tax of 20% on all income earned b. An income tax where you pay no tax on the first $10,000 earned and a tax of 25% on all income over $10,000 C. An income tax where you pay 10% on the first $5,000 earned, 20% on the next $10,000 earned, and 30% thereafter