Question
A consumer who can work up to 24 hours a day has the following utility function for leisure N and other goods X: U(X,N)=XN^3. The
A consumer who can work up to 24 hours a day has the following utility function for leisure N and other goods X: U(X,N)=XN^3. The price of other goods is normalized to one and the wage is equal to 5. The non-wage income is 80. How many units of good X does this consumer purchase? You should show the budget constraint you are working with and 1-2 key step
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Economics
Authors: Roger A. Arnold
12th edition
978-1305758674, 1305758676, 978-1285738321
