solve prob 1

Problem 1 Create a "new" problem based on a problem regarding the Income Leisure Model. b Why did you create this problem? c) What did you learn from this problem and from creating it? HINT: You can make changes to the problem below such as including taxes, subsidies, commissions, or extreme cases. Please use your imagination. Please do not only change the parameters. You can use your imagination and creativity. "Assume that a worker has the Utility Function U(O.L.) = CL. "O' refers to consumption in dollars and "L" to hours of leisure in a day. The worker has an offered wage of $10 per hour, 20 hours available for leisure or work per day, and $90 dollars a day from non-labour income