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1. Consider an income guarantee program with an income guarantee of $6,000 and a benefit reduction rate of 50%. A person works up to 2000 hours per year at $8 per hour. (a) Comment on the equity consideration of the scheme. (b) Suppose that the income guarantee rises to $9,000 but with a 75% reduction rate. Show the change using the budget constraints (c) Which of these two income guarantee programs is efficiency enhancing? Explain