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The utility function of a worker is represented by U(C, L) = C X L. The marginal utility of leisure is then given by MUL = C and the marginal utility of consumption is given by MUc = L. Suppose that this person currently has a weekly income of $600 and enjoys 70 hours of leisure per week. How many additional dollars of income would it take to make a nonworker give up 10 hours of leisure time?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92762128

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