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Suppose you can earn an income of $25 per hour. (10 points) a) Draw your budget constraint and your indifference curve if you are utility

Suppose you can earn an income of $25 per hour. (10 points) a) Draw your budget constraint and your indifference curve if you are utility maximizing. Make sure to label the utility maximization bundle, (L , Y ) (5 points) b) What is MRSL,Y at (L , Y )? (2.5 points) c) On the graph in part (a), draw another indifference curve and label a point in which MRSL,Y < 25. Why is this not the utility maximizing point? (2.5 points

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