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Draw the daily budget constraint of a consumer who has 24 hours in their day, and can earn a wage of $20 an hour for
Draw the daily budget constraint of a consumer who has 24 hours in their day,
and can earn a wage of $20 an hour for every hour chosen to work (and not consumed as leisure). They can spend their income on a composite good that costs $8 per unit. This consumer also receives $100 from their supportive parents every day. Also, if this consumer's utility function for leisure () and is given by (, ) = , calculate this consumer's optimal bundle.
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