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1. The benefit to a consumer depends on the goods leisure (F) and consumer goods (x). (i) Explain the difference between normal and inferior goods, and explain what means that both leisure and consumer goods are perceived as normal goods. (ii) Let the number of working hours be given by L, and the number of hours of leisure be given by F. Explain the connection between L and F within 24 hours. (iii) Assume that the consumer is free to choose how much he wants to work for a fixed hourly wage w, and that the consumer in addition has an unemployed income of size m. Let the price per unit of consumer goods be given by p. Explain why the budget condition can be formulated in the following context, and give an interpretation: px + wF = w24 + m