2. Jimmy McNulty works as a detective for the Baltimore police department and he can choose to work up to 24hrs/day at a wage rate of w. Jimmy can use his non-labor and labor income to purchase consumption goods (booze). Let C represent the amount of consumption he purchases with the price being p = 3 and let R be the number of hours he spends relaxing (aka not working). (a) Jimmy currently earns $30/hr as a detective. Additionally, he receives $120 of non-labor in- come per day. Write an equation for his budget between labor and relaxation. Draw it below and label it BL1. (Hint: The budget line will take the form pC + wR = pC + wR) (b) If Jimmy has a utility function of u(R, C) = R 3 4 C 1 4 how many hours of relaxation will he choose per day? How many units of consumption will he purchase? Label this bundle A on the graph. (Hint: What are the demand functions for a Cobb-Douglas utility function? m will be the sum of non-labor income and income if he were to work the full 24 hours) (c) Unfortunately for McNulty, he decided to