Order the answer to: answer needed a) An individual participating in the labour market has a utility function given as u

Academic Help economy Order the answer to: answer needed a) An individual participating in the labour market has a utility function given as u

economy

Order the answer to: answer needed a) An individual participating in the labour market has a utility function given as u

Question a) 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. AC LA Required i. (2 Marks) Plot the individual's budget line Find the optimal hours of leisure and consumption goods chosen by the individual in order to maximize his/her utility ii. (8Marks)
Subject economy
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