Uc1-l4c231-l13 where c is the amount of consumption and l, Econometrics

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Uc1-l4c231-l13 where c is the amount of consumption and l

Suppose that a consumer has the utility function in the following form:
U(C,1-L)=4C2/3(1-L)1/3, where C is the amount of consumption and L is the number of hours worked. If the price for consumption is $9, the wage rate per hour is $6, initially the consumer had $162 and 24 hours as time endowment;
a) What is the meaning of the term ‘1-L'?
b) Calculate the optimum level (C*,L*).

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Econometrics: Uc1-l4c231-l13 where c is the amount of consumption and l

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Econometrics: Uc1-l4c231-l13 where c is the amount of consumption and l

Reference No:- TGS0580518

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Econometrics: Uc1-l4c231-l13 where c is the amount of consumption and l

Reference No:- TGS0580518

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