11. The backward-sloping labor supply curve Alani has 80 hours per week that she can devote to time spent working or on leisure activities. Assume that Alani is paid by the hour, and that her job will always allow her to work as many hours as she chooses. The following graph presents Alani's weekly leisure-income tradeoff. The three lines labeled BC1 , BC2, and BC3 show her time allocation budget at three different hourly wage levels. The given points A, B, and C represent her optimal time allocation choices along each of these constraints. 1200 BC 3 720 BC 2 40, 600 C INCOME (Dollars) BC1 400 A 35 40 45 LEISURE (Hours)For each listed point, use the preceding graph to complete the following table by indicating the hourly wage as well as the number of hours per week Alani will spend on labor and leisure. Wage Leisure Labor Point (Dollars per hour) (Hours) (Hours) A 45 175 B 35 405 C 40 600 Based on the data you entered in the preceding tab/e, use the orange curve (square symbols) to plot Alani's labor supply curve on the following graph, showing how much labor she supplies each week at each of the three wages. N 4:. I I N M I I N o I I Labor Supply WAGE (Dollars per hour) 4* m 0 8 E 3' 3 3 l l l l l l | | M I I LABOR (Hours) Suppose that Alani's initial budget line was HQ and that it then changed to BC;; therefore, Alani's optimal time allocation choice shifted from A to B. As a result of this change, Alani's opportunity cost of leisure V , and she chose to consume Y leisure. Consequently, in this region, the V effect dominates the V effect. The corresponding portion of Alani's labor supply curve is V