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A. Albert works for a construction company. He has 0 hours a week available to divide between construction work and leisure, and he has n

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A. Albert works for a construction company. He has 0 hours a week available to divide between construction work and leisure, and he has n that sources of income. Albert is allowed to work as many hours (not exceeding 70) as he wishes to. His utility function is U(c, r) = cr where c is his income spent on goods and r is the number of hours of leisure that he has per week. 0 Suppose that the hourly wage is 20 dollars. Find Albert's demand for leisure as a function of in. How many hours will Albert work at wage in? I Albert is currently being paid $5 per hour. How many hours will he choose to work? 0 The company considers to raise Albert's hourly wage from $5 to $10. How many hours will he choose to work at the new wage? 0 Assume now that the company offer \"double pay\" for overtime. That is, Albert is paid $10 an hour for every hour beyond the amount he chose in part 2. Draw his new budget set and nd the number of hours he will work under this new wage scheme. 0 Find the Hicksian substitution and income eects on leisure if the hourly wage changes from $5 to $10

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