Need help A-F

1. Laura wants to buy songs which cost $2 a song. But in order to afford this, she has to babysit for her neighbor. Her neighbor has agreed to pay her $10 an hour for babysitting. Laura dislikes babysitting, but has no other way of buying her music. Her utility is given by the following function: U(C, L) = min{2C, 22 L} Where C is the number of songs, L is the number of hours she babysits. Laura can work a maximum of 22 hours. 3) Draw Laura's indifference curves. Plot the number of work hours, L (x1) on the horizontal axis and C (x2) on the vertical axis. Show the line along which the indifference curves kink. b) In which direction are her preferences increasing in this graph? C) Is there a way to redene Laura's utility function so that her indifference curves have the usual convex (or L-shaped) shape? d) How many hours will Laura chose to work? e) In a more general case, suppose the hourly wage is w for babysitting, then the labor supply curve shows the relationship between the optimal number of hours that Laura chooses to work as a function of the wage w. Derive Laura's labor supply function which shows her choice of hours of work, L, as a function of wages w. f) Does Laura work more or less as wages increase