(Answered) Raymond consumes leisure l hours per day and other goods y

Economics

Raymond consumes leisure (L hours per day) and other goods (Y units per day), with preferences described by UpL,Yq" L`2?Y . The price for other goods is $1, and the wage rate is w.

Show how the number of units of leisure Raymond chooses depends on the wage rate.
How does Raymond's daily income depend on the wage rate?
Does Raymond work more when the wage rate rises?

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Macroeconomics, Economics

Category:- Macroeconomics
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