d) [4 points] On this same set of axes, draw two representativeindifference curves for both...
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Economics
d) [4 points] On this same set of axes, draw two representativeindifference curves for both individual A and individual B, showingone indifference curve for each lying tangent to their respectivetime constraint. Recall that A's wage is twice B's wage:
w_(A)=2w_(u^(**))
. Are individual A's total earning less than, equal to, or morethan twice as much as individual B's total earnings? Recall thattotal earnings are the wage times work hours. e) [2 points] Explainbriefly why your answer to Exercise 13(a) may change if you foundout that individual A had to spend ten times as many hours onhomework during her schooling years as individual B did. (Assumethat time spent on homework only achieves education and doesnothing else.) f) [2 points] Explain why it is optimal forindividual B to invest less in health when she is already lesshealthy than A . Why does she not invest more to "catch up"?
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