Question 3 {15 pts}: Ali's prel'erences i'or consumables (C) and leisure {L} are in the {arm ERIC, L) = .s CHL\". where the marginal utility ofeonsnnnhles is U;- = Ill. 5 (E). and the marginal utility of leisure is as U; = {1.5 (E) . It" you are told that the maximum time sveltehle [or work is III hours per week and that All receives Mlll in weekly nonlabor Income. I. What is Ali's level of utility at his endowment point {the point where he decides not to participate in the labor force}? 2. What is Ali's reservation wage? 3. Iftli. in fact, decides to work 45 bolus per week. what is the wage rate at which Ali would be employed? 4. What is Ali's level of utility at the equilibrium state mentioned in (3} above? 5. Draw a graph that demonstrates the equilibrium situation mentioned in (3} and (4} above