Henry is a lawyer with a utility function equal toU=Y+1100L-L^2 . He works with a law firm on an hourly basis. They pay him $100/hour.
b) (2pts) Illustrate Henry’s optimal time allocation in a diagram with income per month on
c) (3pts) Henry now gets a raise. His wage is now $150 per hour. Find Henry’s new optimummathematically and show the change graphically in your original diagram. Be sure to solve forHenry’s new optimal level of leisure, work hours, and income and illustrate your answer onthe graph.d) (2pts) Draw and properly label Henry’s labor supply curve for a wage increase from $100to $150 per hour.