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Can you please help me with this? 3. (35 pts) A student dedicates 6 hours a day to classes and study and 8 hours to

Can you please help me with this?

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3. (35 pts) A student dedicates 6 hours a day to classes and study and 8 hours to rest. This leaves 10 hours a day for leisure that the student reduces taking a part-time job. The student considers leisure and consumption as imperfect substitutes and her preferences are given by a utility function U (Y, N) = YN, where Y is consumption and N is the number of hours of leisure. Hourly wage is w = 10 and the price of consumption is normalized to 1. All monetary values are in dollars. a. (6) Write and draw the budget restriction of the student calling H the hours of work, taicing into account the relationship between H and N, and that she already has Y = 20 of stipend per day coming from her parents. b. (8) Compute the equilibrium choice of N , H and Y. Represent in a graph. G. (9) Suppose that her parents do not like that she works (because the effect on the grades) and withdraw the daily stipend of Y = 20. Compute the new equilibrium. Draw. Does the sludent work less or more? Why? (1. (12) The parents realize their mistake: what they wanted is that she stopped working. Can you advice to the parents a solution that would obtain this? (Glue: Look at the money that can make the student's utility the same working and not working)

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