I. Module 3 Homework 2 [final]: Leisure
- Due No due date
- Points 5
- Questions 4
- Time Limit None
Instructions
Suppose people have utility over consumption and leisure, where denotes hours of leisure during the day, and face a wage rate . Thus, the overall utility function is
the budget constraint might look like
where is the available hours in the day. (You won't use this budget constraint. I just wrote it down to make more clear how leisure and consumption work.)
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