(Labour Supply and Budget Set). Suppose that there is a consumer who earns income by working. Let w be the wage rate (in dollars per hour.) If the consumer's income is exclusively from working, it is given by wl, where I is the number of hours she works. The consumer enjoys two "goods." One is consumption, and the other is leisure, the time spent not working. Let p(

available per day. That is, L = T - 1.

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(1) Carefully draw the budget constraint for leisure and consumption. (2) (Non-labour income) For this question only, suppose that this consumer receives non-labor income of M dollars per day. Draw the budget constraint for leisure and consumption. (3) (Unemployment Benefit) For this question only, suppose that this consumer receives unemployment benefit U if and only if he is not working, i.e., L=T. Draw the budget constraint for leisure and consumption. (4) (Overtime) Suppose that wage is 1.5w instead of w for working hours exceeding l~. Draw the budget constraint. Also, calculate the maximum amount of consumption this consumer can make when she works T hours. (5) (Flat Tax) Suppose the government taxes t\% of your wage. (6) (Progressive Tax) Consider the progressive tax with two brackets: 0% for income below wT/5 and 50% for all income above wT/5 (1) Carefully draw the budget constraint for leisure and consumption. (2) (Non-labour income) For this question only, suppose that this consumer receives non-labor income of M dollars per day. Draw the budget constraint for leisure and consumption. (3) (Unemployment Benefit) For this question only, suppose that this consumer receives unemployment benefit U if and only if he is not working, i.e., L=T. Draw the budget constraint for leisure and consumption. (4) (Overtime) Suppose that wage is 1.5w instead of w for working hours exceeding l~. Draw the budget constraint. Also, calculate the maximum amount of consumption this consumer can make when she works T hours. (5) (Flat Tax) Suppose the government taxes t\% of your wage. (6) (Progressive Tax) Consider the progressive tax with two brackets: 0% for income below wT/5 and 50% for all income above wT/5