Page 1 of 1
3. The following information is provided: U(Y,L)=2Y2L¹2; H=16-L; w=20; p= 1; A = 100 Determine the budget constraint. a.
Posted: Wed Jul 06, 2022 6:18 pm
by answerhappygod
- 3 The Following Information Is Provided U Y L 2y2l 2 H 16 L W 20 P 1 A 100 Determine The Budget Constraint A 1 (22.49 KiB) Viewed 19 times
3. The following information is provided: U(Y,L)=2Y2L¹2; H=16-L; w=20; p= 1; A = 100 Determine the budget constraint. a. b. Determine the marginal rate of substitution. C. What is the optimal labour and leisure hours? d. At the optimal relationship, what is the utility level for the individual?