Problem
An individual participating in the labour market has a utility function given as u = where C and L are the quantity of consumption goods and leisure hour respectively. The individual has a total of T hours allocated between work (H) and leisure (L). Labour is compensated at the rate W per hour and the individual has a non labour income of V. consumer goods sell at price p per unit.
Required
a. Plot the individual's budget line.
b. Find the optimal hours of leisure and consumption goods chosen by the individual in order to maximize his/her utility.
The response must include a reference list. Using Times New Roman 12 pnt font, double-space, one-inch margins, and APA style of writing and citations.