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Household utility maximization. A representative household receives utility from con- sumption and leisure: U(C, e) = log C 0.5 log l (4) As usual, l
Household utility maximization. A representative household receives utility from con- sumption and leisure: U(C, e) = log C 0.5 log l (4) As usual, l is the fraction of the household's time allocated to leisure activities. The household has one unit of time so the fraction of time that the household spends working is
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Microeconomics
Authors: Paul Krugman, Robin Wells
3rd edition
978-1429283427, 1429283424, 978-1464104213, 1464104212, 978-1429283434
