Question
consider the utility function U(C,L)=C^a*L^(1-a), where 0
consider the utility function U(C,L)=C^a*L^(1-a), where 0 (1) derive the marginal utility of consumption, MUc. Use your answer to explain why MUc is decreasing in C (2)derive the marginal utility of leisure, MUl. Use your answer to explain why MUl is decreasing in L
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The American Economy
Authors: Walter Greason, William Gorman
1st Edition
1524902675, 9781524902674
