Given the Jenny's utility is U = ML2. The timeconstraint in one day is 24 hours (T=24). Jenny could spend time to leisure (L) or work for money income (M). The wage is $10 per hour.Set up the time...

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Extracted text: Given the Jenny's utility is U = ML2. The timeconstraint in one day is 24 hours (T=24). Jenny could spend time to leisure (L) or work for money income (M). The wage is $10 per hour.Set up the time constraint function Use the Lagrangian function to find the work hours and leisure hours that Jenny has maximum utility.