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Economics

Suppose a representative agent has a utility function involving consumption and labour supply of the form U=ln(C)-2L^2

(i) The agent is a ‘yeoman farmer', that produces their own output with a production function C=Y=AL^α, where Y is output per head. Derive the optimal level of labour supply, and comment on illustrate what it implies for the relationship between labour supply and productivity growth

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9223166

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