Calculation of Optimum Combination of Consumption and Leisure

Business & Finance, Economics
Cover of the book Calculation of Optimum Combination of Consumption and Leisure by Homework Help Classof1, Classof1
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Author: Homework Help Classof1 ISBN: 1230000135294
Publisher: Classof1 Publication: May 23, 2013
Imprint: Language: English
Author: Homework Help Classof1
ISBN: 1230000135294
Publisher: Classof1
Publication: May 23, 2013
Imprint:
Language: English

"Mike’s utility of consumption and leisure is U(C, L) =C*L, so that his marginal rate of substitution is C/L. There are 168 hours in the week and he earns $10 an hour.
a) What is his optimal combination of C and L?
b) If the government starts a welfare policy that pays B to all non workers and 0 to all workers, at what value of B will Mike opt out of the labor force and go on welfare?
"

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"Mike’s utility of consumption and leisure is U(C, L) =C*L, so that his marginal rate of substitution is C/L. There are 168 hours in the week and he earns $10 an hour.
a) What is his optimal combination of C and L?
b) If the government starts a welfare policy that pays B to all non workers and 0 to all workers, at what value of B will Mike opt out of the labor force and go on welfare?
"

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