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3. Consider the economic model of an individual's labor-leisure choice with the following components: C represents units of the consumption good L represents hours
3. Consider the economic model of an individual's labor-leisure choice with the following components: C represents units of the consumption good L represents hours of leisure H represents hours of paid work p represents the unit price of the consumption good w represents the hourly wage rate Y represents nonlabor income T represents total time available U(C, L) represents the individual's utility function Assume that p=1 and Y=0. Also assume that C and L are normal goods. Whenever graphing the model, put C on the vertical axis and L on the horizontal axis.
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