Cindy gains utility from consumption C and leisure L. The most leisure she can consume in any
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Cindy gains utility from consumption C and leisure L. The most leisure she can consume in any given week is 110 hours. Her utility function is U(C, L) = C × L. This functional form implies that Cindy’s marginal rate of substitution is C/L. Cindy receives $660 each week from her great-grandmother–regardless of how much Cindy works. What is Cindy’s reservation wage?
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Cindys reservation wage is the minimum wage she requires to give up one unit of leisure one hour and ...View the full answer
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