As a hypothetical case, suppose the typical individual has a utility function expressed as U = (C - 50)*(L - 10), where C is consumption and L is leisure time. The current wage, w,is $5 and she has a weekly return on assets of V = $100. She only has 60 hours per week to divide between work hours, h, and Leisure.Suppose the country of interest sets the weekly payment at $100.

a. Using the Neo-classical labor supply with reference to specific numerical values discuss the consequences of a government payment of a fixedamount of money for each person

b. Using the basic Supply and Demand for labor approach discuss the consequences of a government payment of a fixedamount of money for each person on the overall labor market.

c. Using a feedback approach, from the Neo-classical labor supply to market equilibrium and back to labor supply, discuss the net results ofa government payment of a fixedamount of money for each person

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