Draw a graph for an individual labour supply choice (indifference curves and budget lines in a...

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Draw a graph for an individual labour supply choice (indifference curves and budget lines in a leisure-vs-income system of coordinates). a. In your diagram, show what happens to the equilibrium choice of work hours by a worker when the worker turns 65 and starts receiving (unconditional, i.e., independent of whether she works or not and how much she works) old-age pension weekly payments of $800. (3) b. Explain, in your own words, why you have concluded that this worker would choose to work less after the old-age pension weekly payments start arriving (refer to your diagram when you explain what happens in words). (3) Draw a graph for an individual labour supply choice (indifference curves and budget lines in a leisure-vs-income system of coordinates). a. In your diagram, show what happens to the equilibrium choice of work hours by a worker when the worker turns 65 and starts receiving (unconditional, i.e., independent of whether she works or not and how much she works) old-age pension weekly payments of $800. (3) b. Explain, in your own words, why you have concluded that this worker would choose to work less after the old-age pension weekly payments start arriving (refer to your diagram when you explain what happens in words). (3)