Graphing daily budget constraint also calculating monthly reservations wage.
1. Suppose which yi receives $ 60 per day as interest on inheritance also her wage is $25 per hour also she can work a maximum of 16 hours per day at her job. Draw her daily budget constraint.
2. Suppose which a new bridge opens in the east bay also min's daily commute is reduced by one hour. if Min can chose explain how many hours she works per week also if both leisure also income are normal goods, then Illustrate what is the effect of the shorter commute on Min's work time?
3. Suppose which Mari was injured in an accident also after the lawsuit she gets paid $3,000 per month. if her utility function is U(C,L)=C*L also if she gets paid the settlement whether or not she works, then Illustrate what is her monthly reservations wage? Suppose which she can take at most 720 hours of leisure per month.