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A consumer faces a tradeoff between labor () and leisure (). She consumes a composite good (). When the consumer works, she earns an hourly
A consumer faces a tradeoff between labor () and leisure (). She consumes a composite good (). When the consumer works, she earns an hourly wage of $13.00, and she spends a maximum of 24 hours on labor and leisure, but she chooses to work 7.00hours. Whatever time she does not spend working, she spends on leisure. She starts with an initial endowment of14.00units of the composite good, which she can buy and sell freely at a market price of $12.00. Given this information, what is the consumer's real wage?
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