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... to draw up a simple Income - Leisure model. This is illustrated in Figure 1 (below) Figure 1....a simple Income-Leisure Model of labour supply. This Income - Leisure Model shows the choice that an individual has in a specific 24 hour time period. He/she has the choice of working for 24 hours, taking leisure for 24 hours or a combination of the two. T Stands for Time Endowment, the maximum amount of time that can be spent on leisure. In this case T is equal to 24 hours. Income (on the left axis) is the total amount of income that can be earned in that day; in this case it is assumed that in individual can't earn any more than £120 in that day and that there is no variance in the hourly rate (i.e. overtime or unsociable hours). It can therefore be deduced that if this individual earns the full £120 ...