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Consider the consumer optimization problem discussed in elem where the representative consumer's preference are repreermtcd by the utility function U{UJ}=1n{C]+ Blot!) {I} where H is
Consider the consumer optimization problem discussed in elem where the representative consumer's preference are repreermtcd by the utility function U{UJ}=1n{C]+ Blot!) {I} where H is a preference parameter and is positive. The {Lonsumer's budget constraint is C = en's\" + 1T T. {2} The consumer also faces the time constraint + N\" = h. {3] The notation is borrowed from the textbook. s.) Maximize the consumer's utility function subject to constraints {2) end (3) (u Lagrange method used in the class). Solve for consumption in terms of H, h, to? \"RM
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