The following question will compare the labor leisure choice of two women, jill and kayla. both women have 168 hours that they could use in the week for work. jillloves impressing herfriends with all of the latest and greatest material goods. the following utility function describes herpreferences: u(c, l) = c2l where c represents her consumption of goods and services and l university of california, davisprofessor jenna stearns department of economics winter 2018 represents herleisure time. she gets $200 per week from a trust fund. kaylareally enjoys spending time with herchildren. the following utility function describes herpreferences: u(c, l) = cl2where c represents consumption of goods and services and l represents leisure time. kaylagets $200 per week from past investments (from all of the money that she previously saved). a. calculate jill’s reservation wage. b. calculate kayla’s reservation wage. c. supposethere is a big campaign insisting that all americans get ten hours sleep at night in order to pursue good health. both jilland kaylanow see the totalpossible work hours in their week falling to 98. what would be the effect on their reservation wages? what would this do for the gap in their reservation wage?