The totrep household has 1 unit of time endowment (1=1) and no consumption endowment (2=0). The utility function is u(x1,x2)=x10.5(x20.3)0.5 where x1 is leisure and x2 is consumption. The consumption level x2=0.3 is the subsistence level that must be maintained in order to survive. Therefore, x2 is constrained to stay above 0.3. Set p2=1 and assume that the relative wage p1/p2=p1>0.3 so that the totrep can always afford consumption of 0.3. Derive the labor supply of the totrep as a function of the relative wage p1. Is labor supply increasing or decreasing in the wage? The totrep household has 1 unit of time endowment (1=1) and no consumption endowment (2=0). The utility function is u(x1,x2)=x10.5(x20.3)0.5 where x1 is leisure and x2 is consumption. The consumption level x2=0.3 is the subsistence level that must be maintained in order to survive. Therefore, x2 is constrained to stay above 0.3. Set p2=1 and assume that the relative wage p1/p2=p1>0.3 so that the totrep can always afford consumption of 0.3. Derive the labor supply of the totrep as a function of the relative wage p1. Is labor supply increasing or decreasing in the wage