1.The "supply-side" economics of the Regan administration (1981-1988) presumed that income tax cuts would stimulate incentives to work and thereby increases economic growth. Demonstrate this outcome with work-leisure diagram. What does this outcome assume about the relative size of the income and substitution effects? Explain "The predicted increases in work-incentives" associated with the supply-side tax cuts might in fact be more relevant for women than for men.