Suppose there is a welfare program that provides low-income individual's with a benet of $200 if they do not work at all. As the person earns income, however, benets are scaled back 30 cents for every dollar earned. Assume the going wage rate is $3 per hour and that the maximum time available per month is 400 hours. Also assume initially that the person has no nonlabor income. (i) (5 marks) Draw the budget constraint before and after the welfare program is introduced, make sure it is carefully labelled. (ii) (5 marks) Find the total wage earnings before and after the development of the 1 2 welfare program for a person with preferences: U = 3L5 Y? (iii) (5 marks) Find the total wage earnings before and after the development of the 2 1 welfare program for a person with: U = 31.3 Y