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Problem 1 (40 points): A workers utility function is U = C 3.1 where: o C is consumption 0 I. is leisure time and total
Problem 1 (40 points): A workers utility function is U = C \"3.1\" where: o C is consumption 0 I. is leisure time and total time is normalized to 1 (so I is proportion of time spent not working) 0 a is an exogenous parameter and 0 <:: a l the consumer can work and earn wage w for proportion of time spent working also earns passive investment income equal to that is unconnected labor hours. price consumption bc it equals a. write budget constraint. points graph consumers constraint with c on y-axis x-axis label key intercept y slope any other important>
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