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Please Help! Assume in one week, Anne receives satisfaction only from the consumption of goods and from the consumption of leisure (L). Obviously, Anne consumes

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Assume in one week, Anne receives satisfaction only from the consumption of goods and from the consumption of leisure (L). Obviously, Anne consumes many different types of goods. Without loss of generality, we aggregate the dollar value of all the goods that the person consumes and define C as the total dollar value of all the goods she purchases during the week. Assume that if Anne chooses to work, the hourly wage rate is w = 5 and she has to sleep 8 hours per day. Potentially, if she wants, she can work up to 7 days a week. If Anne chooses to devote 36 hours to leisure during the week, how much can she consume? C = Answer: Suppose Anne's utility is U(C, L) = CL" . If she chooses C = 385, what is the value of a? Answer: Now suppose that if Anne chooses not to work at all for the whole week, she will receive R (R > 0) from the government as the unemployment insurance. She only receives this money if she chooses not to work at all. Suppose Anne has utility U(C, L) = CL, and that she can earn a wage of w = 3. If she is indifferent between working a positive amount and not working at all, what is R

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