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Graphing daily budget constraint also calculating reservations wage.

Shelly's preferences for consumption also leisure can be expressed as

U(C,L)=(C-200) X (L-80)

This utility function implies which shelly's marginal utility of leisure is C-200 also her marginal utility of consumption is L-80. there are 168 hours in the week available to split between work also leisure. shelly earns $5 per hours after taxes. she also receives $320 worth of welfare benefits every week regardless of describe how much she works.

A. graph shelly's budget line

B. Illustrate what is shelly's marginal rate of substitution Whenever L=100 also she is on her budget line?

C. Illustrate what is shelly's reservation wage?

D. find shelly's optimal amount of consumption also leisure.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M916641

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