Consider a market for babysitting services. There are N adults, each of whom has 1 child and 1 bottle of whisky. Taking care of a child in this economy requires half of some adult's time every day, but an adult can hire other adults to babysit their own child. Similarly, an adult can hire himself out as a babysitter for other adults' children. When an adult is not taking care of a child, they are partying. Adults like both partying and drinking whisky, and they do not value taking care of children per se.

(a) Dene a competitive equilibrium for this economy. (b) Explain why partygoers are sober and babysitters are drunk in this economy.