In deriving the labor supply curve in Figure 3-3 , we implicitly assumed that the marginal income tax rate ( t y ) was equal to zero. Assume instead that t y = 0.20. Redraw the figure with this...

In deriving the labor supply curve in Figure 3-3 , we implicitly assumed that the marginal income tax rate ( t y ) was equal to zero. Assume instead that t y = 0.20. Redraw the figure with this modification and compare the resulting labor supply curve with the present one in Figure 3-3 b .