Earned Income Tax Credit problem

Learning Goal: I’m working on a economics multi-part question and need an explanation and answer to help me learn.

1. The Build Back Better bill expands the EITC for childless workers. Under the old version, the credit phased in at (numbers rounded for ease of calculation) 8% until earnings reached $7000, and began to phase out at a rate of 8% once earnings reached $9,000. Under the new version, the credit phases in at 15% until earnings reach $10,000, and begins to phase out at a rate of 15% once earnings reach $12,000.

a. Graph the old and new consumption/non-market time tradeoffs facing a childless worker earning $10/hour who has an annual time endowment of 2500 hours. Be sure to label all axes, intercepts, slopes, and x- and y-values for key points on the graph.

b. Describe the predicted effects from economic theory on hours worked and on goods consumption facing each of the following workers, who can each work at $10/hour for up to 2500 hours. (If relevant: never simply describe an effect as ambiguous; instead, describe the different possible changes.)

i.Prior to the law change, Joe is not working and instead consuming all of his time as non-market time.

ii.Prior to the law change, Kyrsten is working 500 hours per year.

iii.Prior to the law change, Sandy is working 900 hours per year.

Prior to the law change, Rashida is working 2000 hours per year

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