Q4 Labor-leisure trade off 10 Points Regarding the labor-leisure trade off. Assume Sue Ellen Walton has the utility function U(C, L) = 01/2L1/2. She sleeps 8 hours per day, which leaves her 16 hours to allocate between labor and leisure. Her wage is $10 per hour and has no nonlabor income. 04.1 Lagrange multiplier method 4 Points Using the Lagrange multiplier method, what is the optimal amount of leisure she consumes per day? Points are only awarded if the Lagrange multiplier method is used. Q Please select file(s) Select file(s} Q4.2 Hours per day worked 2 Points How many hours per day does she work? Please select file(s) Select file(s) Enter your answer here Q4.3 Level of consumption 2 Points What is her level of consumption? Please select file(s) Select file(s)Q4.4 Labor-leisure graph 2 Points Use a labor-leisure graph to show her optimal allocation between consumption and leisure. Please select file(s) Select file(s)05 Continuation from Question 4 10 Points Now her wage increases to $20 per hour, and she has $100 per period in non-labor income. 05.1 Another Lagrange multiplier problem 4 Points Using the Lagrange multiplier method, what is the optimal amount of leisure she consumes per day? Points are only awarded if the Lagrange multiplier method is used. Q Please select file(s) Select file(s} 05.2 Hours per day worked 2 Points How many hours per day does she work? Q Please select file(s) Select file(s) Enter your answer here 05.3 Level of consumption 2 Points What is her level of consumption? Q Please select file(s) Select file(s) Q5.4 Labor-leisure graph 2 Points Use a labor-leisure graph to show her optimal allocation between consumption and leisure. Please select file(s) Select file(s)