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Question II [30 points] A representative consumer living in a Country A values consuming goods (C) and enjoys leisure (1). The consumer has h = 1 units of time to divide between working and enjoying leisure. For each hour worked, he receives w = 1.5 units of the consumption good. The consumer also owns shares in a factory which gives him an additional * = 0.55 units of income. The government in this economy taxes the consumer and uses the proceeds to buy consumption goods that are given to the army. The consumer pays a lump sump tax T equal to 0.35. Suppose that the consumer's preferences are described by the the utility function U(C, 1) = 01/3 + 11/3 1. Write down and graph the consumer's budget constraint. [03 points] 2. Define and compute the MRS as a function of C and 1. [03 points] 3. Is it optimal for the consumer to supply N$ = 0.8 units of labour? [03 points] 4. Find the consumer's optimal choice of consumption and leisure. Illustrate with a graph. [06 points 5. Suppose the government decreases the tax to 0.25