Problem 2. (Reverse engineering). Consider the following behavior of the real world consumers 1. John is currently not working but this is just because wages are too low. But if they pay him enough, he would work all the time. 2. Mary likes working and will work the entire week no matter how rich she would be. 3. Bill is currently working half of his time, he would work more if the wage increases and he would work all the time if the wage will be high enough Determine what utility functions these people have and show the solution to their utility maximization problems both analytically and graphically. Problem 2. (Reverse engineering). Consider the following behavior of the real world consumers 1. John is currently not working but this is just because wages are too low. But if they pay him enough, he would work all the time. 2. Mary likes working and will work the entire week no matter how rich she would be. 3. Bill is currently working half of his time, he would work more if the wage increases and he would work all the time if the wage will be high enough Determine what utility functions these people have and show the solution to their utility maximization problems both analytically and graphically