Due to the COVID-19 pandemic, the government prohibited private companies with more than 20 employees from opening more than 30 hours per week. In contrast, before the pandemic, those companies may open up to 60 hours per week. We will study the macroeconomic effect of this type of policy. The consumer chooses consumption c and leisure I to maximize utility u(c.1) subject to his budget constraint: c=wih-1)+. The firm has a Cobb-Douglas production function: y=zk"n1-4, 0 11, and describe the effect (up, down, no change, or ambiguous) of this policy on labor input n, real wage w, total output y, consumption c, and the utility of the consumer u(cl). b. (7 points) Suppose instead that l* 11, and describe the effect (up, down, no change, or ambiguous) of this policy on labor input n, real wage w, total output y, consumption c, and the utility of the consumer u(cl). b. (7 points) Suppose instead that l*