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Help me know answer following questions. Thank you [5 marks] A consumer can choose to work a lot and have relatively high consumption, or can

Help me know answer following questions. Thank you

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[5 marks] A consumer can choose to work a lot and have relatively high consumption, or can choose to work a little and have a small consumption. Assume that she has some income endowment m b D which does not depend on the how much she works. and denote by l the number of hours of work. Eyery hour of work yields an income of w. The maximum number of hours she can work is I in ID. Every hour not spent at work is spent in leisure {L}, a highly sought- after actiyity but which yields no income. Denote by p the price of consumption. The consumer's utility is giyen by u(c, L) = cabs. with c denoting consumption. a. Determine the consumer's budget constraint and explain how you deriye it. b. Determine the consumer's optimal demands for c and L. c. Explain how the consumer's optimal demand for leisure L' yaries with the wage rate w

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