3. Dana is endowed with 8760 hours and $4000 in non-labor income per year. She earns $100/hour....

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3. Dana is endowed with 8760 hours and $4000 in non-labor income per year. She earns $100/hour. Her utility function over leisure (L) and consumption (C) is: U(L,C) = Be a. What is the value of her endowment each year? b. What is her optimal choice of leisure, consumption and hours of work? Round to the nearest dollar/hour. c. What is her reservation wage? Round to the nearest cent. (1. Illustrate your answer in a diagram including the budget constraint and the indifference curve corresponding to his optimal choice

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3. Dana is endowed with 8760 hours and $4000 in non-labor income per year. She earns $100/hour....

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