Analyze the income effect and the replacement effect, Engineering Mathematics

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Analyze the income effect and the replacement effect

Response to the following problem:

Consider the dilemma of balancing between the income (q) and leisure time (t). Assume that the goal function is given by u(q, t) = β q t, t ∈ [0; 16], and the unearned income is equal to q0. Find optimal work- ing time in the view of an agent. Analyze the income effect and the replacement effect.

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Engineering Mathematics: Analyze the income effect and the replacement effect

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