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Open questions - 65 points (5 bonus points) 1) Yaron spends his time (18h) between leisure (L) and work and he consume Y product from his working income (Py=1). Assume that Yaron gets W$ per hour of working and has the following utility function: U(L, Y)-Las +Yas a. (6) Calculate the demand function for L and show it on a graph (L vs W). b. (6) Calculate the labor supply (H) and show it on a graph (H vs W). c. (7) What will happen to L, Y and H if the wage per hour (W) will increase? d. (8) How would your answer to the previous question (c) will change if the consumer has a fixed amount of money (We) that is not connected to W? e. (5) If Yaron has the following utility function: U= L+ Yos, is it possible that he will choose not to work at all? Explain. No calculation needed. 2) Yudit spends her income on consumption between two periods - CI and C2. Both CI and C2 are normal goods. Assume that in the initial position, Yudit's income in the first period is smaller than her income in the second period. Yudit is indifference between present and future and has a convex utility function. The interest rate is equal to the inflation rate in the initial position. a. (6) Draw Yudit budget constraint and her optimal bundle. Point out CI and C2 in the optimal bundle, the intercepts and the slope. b. (3) Are Yudit savings positiveegative/zero? Explain. c. (5) What will happen to Yudit's utility if the inflation rate increases? Point out the range of the new bundle. d. (6) Show in a new graph the Slutzky's compensation that is needed due to the increase in the inflation rate and point out the new bundle. Show also the substitution and real income effects on the same graph. c. (7) Ignore paragraphs b and c (go back to a). Suppose that the interest rate increases. Show the change on graph and point out the new bundle. f. (6) How would your answer to paragraph e will change if it is known that only the interest rate for those who loans money changed and not the interest rate for borrowers? Explain your answer. You can use a graph if necessary