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4. Suppose the supply of labour is chosen by a utility-maximising household with the following utility function: BL2 U = C- 2 where / determines
4. Suppose the supply of labour is chosen by a utility-maximising household with the following utility function: BL2 U = C- 2 where / determines the importance of leisure relative to consump- tion C. The household's budget constraint is given by PC
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