Quiz 1 In any given week, Anne receives satisfaction only from the consumption of goods and from the consumption of leisure L, which is measured in hours. Obviously, Anne consumes many different types of goods, but for simplicity we aggregate the dollar value of all the goods that she consumi during the week and call it C. Assume that if Anne chooses to work, the hourly wage rate is w=w=4 and she has to sleep 8 hours per day. Potentially, if she wants, she can work up to 7 days a week. a} If Anne chooses to devote 0 hours to leisure during the week, how much can she consume? C=448 b} if Anne chooses to devote all available hours (except those she has to sleep) to leisure during the week, how much can she consume? C=O c) If Anne chooses to devote 99 hours to leisure during the week, how much can she consume? C=52 d} Suppose w=5and the government gives Anne a subsidy of $300. She receives this money unconditionally, regardless of how many hours she works. We dene Anne's budget set ov bundles of C and L, i.e. (C,L). Placing C on the horizontal axis and L on the vertical axis, depict Anne's budget set. The outer boundary of Anne's budget set has a kink at (C,L)=(300,_) (ll in the blank) = 112 e} Suppose w=5w=5 and the government gives Anne a subsidy such that her consumption i at least $300. That is, if she does not work at all, the government gives her $300. If she works enough to earn some (1": 300d