An individual has the following preferences defined over consumption of a composite good c (with a per unit price p normalized to 1) and leisure h 0 measured in hours: U = h^1/3c^2/3. Her total daily time constraint isH = 24 = h + l hours (where l 0 denotes her labor supply in hours) and her daily non-labor income is y = $480.

Answer each of the following questions based on the above information. Round yourFINALnumerical answers to the nearest 2nd decimal place (0.01).

a). Assuming the hourly wage is w = $5, calculate this individual's daily consumption of leisure, h.

b). Again, assuming the hourly wage is w = $5, calculate her daily consumption of the composite good, c.

c). Assuming the hourly wage is w = $15, calculate this individual's daily consumption of leisure, h.

d). Again assuming the hourly wage is w = $15, calculate this individual's daily consumption of the composite good c .

e). Calculate the threshold level of the wage, above which she would work (l > 0) or (h < H = 24).

f). Is she happier when the going wage is lower (e.g., $5) or higher (e.g., $15)?

A. When the wage is higher. B. When the wage is lower.