2. Tavon must decide how to allocate his 24-hour day between non-wage activities, leisure, and wa activities, labor. For every hour of labor that he supplies he is paid by his employer Sw and he has unearned income. Tavon can purchase cans of soup (y) at a price of $5 per can (and soup is the onl consumption good). Finally assume that Tavon's preferences over leisure and soup can be represen the following utility function: U(ly) = min [ 87, 0.5y] a) Illustrate his budget set in a diagram and write the equation for his budget line. b) Show with an example that for these preferences a bundle A with weakly more of each goo a bundle B need not be strictly better. c) Find Tavon's demands for leisure and soup as a function of w. d) What is Tavon's supply of labor? Illustrate his labor supply curve. Suppose that Tavon's wage is $16 Given your demand functions what are his demands for