There are 800 consumers in an economy that each have the same utility function given by u(c, l) = 32√ c − (24 − l)2 where c is their consumption and l is the number of hours they spend for leisure. a single firm serves the market with production function y = 32l1/2k1/2 . the firm cannot choose its capital stock, which is fixed at k = 1600. you can assume the price level is equal to 1 so real and nominal wages are equivalentquestion: solve for an individual consumer’s labor supply as a function of the real wage and total supply of labor hours for the economy in one day as a function of the real wage (hint: you will need to use the budget constraint to cancel out consumption)