Show that what terry wage rate


Utility Function over Leisure.

Terry's utility function over leisure, L; and all other goods, Y is U = Y +LY: He purchases other goods at a cost of $1 per unit, which he pays for out of the income he earns from working. Show that, no matter what Terry's wage rate, he will choose the same number of hours of leisure per day. What is this amount?

 

Request for Solution File

Ask an Expert for Answer!!
Business Economics: Show that what terry wage rate
Reference No:- TGS021229

Expected delivery within 24 Hours