Assume an individual has a utility function of this form: U(C, L) = 16 + 8(CxL)

This utility function implies that the individual's marginal utility of leisure is 8C and her marginal utility of consumption is 8L. The individual has an endowment of V=$320 in non-labour income and T = 16 hours to either work (h) or use for leisure (L). Assume that the price of each unit of consumption good p=$1 and the wage rate for each hour of work w=$24.

Quenstion: Calculate the minimum dollar amount required to convince this individual to give up an additional leisure hour in return for additional consumption good when she is already working 5 hours. Determine the change in consumption when the person now works 6 hours instead of 5 hours.