Problem
Sheryl spends all of her leisure time and all of her money on sailing. She doesn't value leisure time if she can't sail, and she can only sail if she has leisure time. Sailboat rentals cost $10 per hour, and Sheryl earns W per hour. She has to decide how to allocate 15 hours per day between work and leisure. How many hours will she work if she earns $20 per hour? Find a formula for her labor supply curve. Is it upward or downward sloping? Why?
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.