Citizens of nation have an old tradition of hardwork, and believing in the notion of "Work-Hard, Play Hard". Given said, the average person has the following utility function: U = min(aL, BY) Where L is the hours of leisure (maximum 24 hours) and Y is the spending on goods and services. a and p are parameters that are estimated by econometricians (and you do not need to worry about their magnitudes) Course Code # 8 4 : ECON3021A # KM (# 1 1) Page 5 of5 g) Explain why such utility function is consistent with the "Work-Hard, Play Hard" tradition of the nation? (1 point) h) Mrs J wants to introduce unemployment benefit to the nation as a way of helping those who are not working due to various reasons but at the same time she wants to make sure that the "Work- Hard, Play Hard" tradition is preserved. Currently, the wage for the average person is $3. What would be the maximum unemployment benefit amount per day be, before the "work-hard, play hardd" tradition becomes "Do not work, just play hard" for the average person? (Hint: Think of a 2-D diagram with L as the horizontal axis variable and Y as the vertical axis variable) How should this maximum unemployment benefit relates to the a, P of the utility function of the average person? (2 points) i) Mrs J wants to increase government spending as a way of increasing GDP of the nation, but your colleague (also an economist) has said higher government spending will have very little to no effect on GDP. What are the possible rationales of your colleague? (2 points)