Consider an income guarantee program with an income guarantee of $5,000 and a benefi reduction rate of 40%. Michelle can work up to 2,000 hours per year at $10 per hour. The price of food is $1. a. Draw Michelle's budget constraint with the income guarantee. b. Suppose that the income guarantee rises to $7,500 but with a 60% reduction rate. Draw the new budget constraint. c. Which of these two income guarantee programs, if any, is more likely to discourage work? Explain. 2. Suppose Michelle's utility function is given as: U=ln(C)+ln(L). a. Find her optimal consumption bundles using the original income guarantee of $5,000 and the new income guarantee of $7,500. b. Calculate her total utility from both programs.