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Provide the utility function for consumption and leisure, find out the reservation wage.

Cindy gains utility from consumption and leisure. The most leisure she can consume in a week is 168 hours. Her utility function is C*L, so that her marginal rate of substitution is C/L. Cindy receives $630 a week from her grand mom regardless of how much she works. Illustrate what is her reservation wage?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M919502

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