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11. Consider a \"negative tax policy" for low-wage workers such that for the rst $8,000 in earnings, the government pays $0.50 per dollar on wages earned. For the next $3,000 of earnings, the credit is held constant at $4,000. After that point, the credit is reduced at a rate of $0.20 per dollar earned. Once the credit is reduced to zero, there is no additional credit. (a) Draw the budget constraint that reects this tax policy for a worker who can work up to 4,000 hours per year at an hourly wage of $10 per hour. Be sure to indicate the slopes of any portions of the budget constraint and to label the intercept and the x- and y- values for the intercepts and any kinks in the budget constraints (b) Illustrate on your graph the portions of the budget constraint where the labor supply effects of the policy are positive, negative, or ambiguous, relative to the \"no policy\" status quo. Briey explain