. From microeconomics we know that the optimal bundle of consumption and leisure ((3,1) is at the point where the slope of the budget curve is tangent to the indifference curve, that is, where the two slopes are equal. a. In symbols or in words, state the marginal condition that is obtained at the tangency point (hint: the word 'equals' or symbol '=' should occur). b If the wage rate, w, increases, then describe (in words) what happens to: i. The slope of the budget constraint; ii. The consumption level and the marginal utility of consumption at the new optimal point; iii. The fraction of the day spent in leisure and the marginal utility of leisure at the new optimal point; iv. The fraction of the day spent working at the new optimal point. c. Suppose that B = 1.0. Suppose that n = .5, and T = 0. What fraction of a day will the household work (that is, what is N) if the wage rate w = 3