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Consider the following economy with production: Robinson consumes recreation time and coconuts. He has an endowment of 24 hours of time and 6 coconuts. Robinson

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Consider the following economy with production: Robinson consumes recreation time and coconuts. He has an endowment of 24 hours of time and 6 coconuts. Robinson can choose to use his time either for recreation or to gather coconuts. He manages to collect 2x/Z coconuts where L denotes the hours of time spent on gathering coconuts. His preferences over recreation R (measured in hours) and coconuts C are represented by the utility function u(R, C) = ln?) + $17740) (a) What are the feasibility and market clearing conditions for the coconut market? (b) Which consumption of R and C is best for Robinson? How long does he work

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