N4

if you are no qualified to answer labor economics questions then please do not!

johnny enjoys his time focusing on his titkok videos for most of the day. He currently lives off of a large family fund of $2,000/week. Given his education, skills, and past work experience, if he were to get a paying job, it would only pay $10/hr. Answer the following

a. Is Billy part of the labor force & why

b. Illustrate Billy's decision to not work using the labor/leisure model

c. If a new job pops up that pays $30/hr & Billy decides to spend half of his time working; illustrate this change and what does it tell us about his reservation wage

d. If a new job offers $36/hr & the MUL = 3(C/L)(1/4) and the MUC = (L/C)(3/4), what is the budget constraint & optimal level of leisure and consumption given a 120 hour week

e. Given your answers from part d, does Billy care more about spending money in his free time or focusing more on work & why