(Figure: Budget Constraint for Work or Leisure I) 
a. Graph a budget constraint assuming a person has 24 hours that can be used for work or leisure at a wage rate of $20. Note the optimal consumption-leisure bundle.
b. Graph a budget constraint assuming a person has 24 hours that can be used for work or leisure at a wage rate of $30. Note the optimal consumption-leisure bundle.
c. Determine both the income and substitution effects on the graph.
Definitions:
IFRS
International Financial Reporting Standards are global accounting norms formulated by the International Accounting Standards Board (IASB) for the preparation of public company financial reports worldwide.
Rules-Based
Rules-based refers to systems or processes that are governed by a set of explicit or predetermined rules or principles to ensure consistency and standardization.
External Users
Individuals or entities outside of a company who use its financial information to make decisions, such as investors, creditors, and regulatory agencies.
Financial Accounting Information
The collection of financial data and statements that companies use to report their financial performance to external parties.
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