Economics

Question -

Solution Preview - y?z?Where, x and y are two normal goods and z is the leisure time. x=a lx and y=b lyTotal amount of labour supplied is distributed between x and y. l=lx+lyGiven the price of labour normalize to 1, budget constraint of consumer can be given as x+y?s-zUtility maximization problem for consumer will be Max (x?y?z?)

Original Question Documents

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