An individuals utility function is given by where x 1 is the amount of leisure measured in hours per week and x 2 is earned income measured in dollars per week Find the values of x 1 and x 2 which maximise U What is the corresponding hourly rate of pay U 260x, 310x, 5x,x2 10x x...

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An individuals utility function is given by where x 1 is the amount of leisure measured in

Question:

An individual’s utility function is given by
where x₁ is the amount of leisure measured in hours per week and x₂ is earned income measured in dollars per week. Find the values of x₁ and x₂ which maximise U. What is the corresponding hourly rate of pay?