Problem
1. (Uses of Time) Describe the three possible uses of an individual's time, and give an example of each.
2. (Work and Utility) Explain the concept of the "net utility of work." How is it useful in developing the labor supply curve?
3. (Utility Maximization) How does a rational consumer allocate time among competing uses?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.