The marginal tax rates on income for 2020 are as follows: Tax rate Single 10% $0 to $9,875 12% $9,876 to $40,125 22% $40,126 to $85,525 24% $85,526 to $163,300 32% $163,301 to $207,350 35% $207,351 to $518,400 37% $518,401 or more Consider the case of an individual who earns $80,000 a year. a) Represent in a graph his/her optimal decision between annual consumption and leisure. b) Would the consumer necessarily reach an optimal decision or are multiple solutions possible? If you say that they are not, do you think that multiple solutions would be possible under another type of tax schedule? c) Do you think that there is a deadweight loss from this form of taxation? Why? The marginal tax rates on income for 2020 are as follows: Tax rate Single 10% $0 to $9,875 12% $9,876 to $40,125 22% $40,126 to $85,525 24% $85,526 to $163,300 32% $163,301 to $207,350 35% $207,351 to $518,400 37% $518,401 or more Consider the case of an individual who earns $80,000 a year. a) Represent in a graph his/her optimal decision between annual consumption and leisure. b) Would the consumer necessarily reach an optimal decision or are multiple solutions possible? If you say that they are not, do you think that multiple solutions would be possible under another type of tax schedule? c) Do you think that there is a deadweight loss from this form of taxation? Why