a. Suppose you have 16 waking hours per day, which you can allocate between leisure and working for a wage of $10 an hour. Draw your budget constraint between "leisure" (measured in hours) and "income" (measured in dollars).
b. Suppose you invent a pill that enables you to get by on four hours of sleep a night, so that you now have 20 waking hours per day. Is it possible that you will now choose to work fewer hours than before?