Budget constraint and monthly reservations wage

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Reference no: EM1311660

1. Suppose that yi receives $ 60 per day as interest on inheritance and her wage is $25 per hour, and she can work a maximum of 16 hours per day at her job. draw her daily budget constraint.

2. Suppose that a new bridge opens in the east bay, and min's daily commute is reduced by one hour. if Min can chose how many hours she works per week, and if both leisure and income are normal goods, then what is the effect of the shorter commute on Min's work time?

3. Suppose that Mari was injured in an accident and after the lawsuit she gets paid $3,000 per month. if her utility function is U(C,L)=C*L, and if she gets paid the settlement whether or not she works, then what is her monthly reservations wage? assume that she can take at most 720 hours of leisure per month.

Reference no: EM1311660

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