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Utility Function over Leisure.

Terry's utility function over leisure, L; and all other goods, Y is U = Y +LY: He purchases other goods at a cost of $1 per unit, which he pays for out of the income he earns from working. Show that, no matter what Terry's wage rate, he will choose the same number of hours of leisure per day. What is this amount?

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M921229

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