{BSD-9.0"!\" Problem Set LS Consider the full income budget constraint WT + Y0 = Y + wl, where: o T is the total amount of time available to allocate to work or leisure o w is the amount of money a person can earn per unit of time spent at work 0 l is the amount of time spent in leisure 0 Y0 is unearned income 0 Y is the amount of money spent on goods What does the expression on the right hand side of this expression represent? What does the expression on the left hand side of this expression represent? The slope of the indifference curve is: . Draw this budget constraint in Y, l space when Y0 > 0. Using economic terminology, what is the slope of this budget constraint? Consider a woman who has a positive amount of unearned income, earns the minimum wage and chooses to work a positive number of hours for pay in the labour market. Illustrate her labour supply decision in an income leisure choice diagram. Consider a woman who has a positive amount of unearned income, earns the minimum wage and chooses to not work for pay in the labour market. Illustrate her labour supply decision in an income leisure choice diagram