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To raise revenues during the recent recession, the governor of your state proposed the following taxation formula: T(i) = 0.001/0.5 where / represents total annual income earned by an individual in dollars and T(/) is the income tax rate as a fraction of total annual income. (Thus, for example, an income of $50,000 per year would be taxed at about 22%, while an income of double that amount would be taxed at about 32%.) + (a) Calculate the after-tax (net) income /(/) an individual can expect to earn as a function of income i. N(1 ) = (b) Calculate an individual's marginal after-tax income at income levels of $200,000 and $600,000. (Round your answer to four decimal places.) N'(200,000) = $ per dollar income V'(600,000) = $ per dollar income (c) At what income does an individual's marginal after-tax income become negative? (Round your answer to two decimal places.) $ What is the after-tax income at that level? (Round your answer to two decimal places.) $ What happens at higher income levels? (Round your answer to two decimal places.) At any income level above , an individual begins to pay back more than $1 for each additional $1 earned, so his or her net income begins to drop. (d) What do you suspect is the most anyone can earn after taxes?t (Round your answer to two decimal places.) N = $