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Economics

Cindy gains utility from consumption C and leisure L. The most leisure she can consume in any given week is 110 hours. Her utility function is U(C,L)=C*L. This functional form implies that Cindy's marginal rate of substitution is C/L. Cindy receives $660 each week from her great-grandmother--regardless of how much Cindy works. What is Cindy's reservation wage?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91529779

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