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In any given week. Anne receives satisfaction only from the consumption of goods and from the consumption of leisure L. which is measured in hours.

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In any given week. Anne receives satisfaction only from the consumption of goods and from the consumption of leisure L. which is measured in hours. Obviously Anne consumes many different types of goods. bul for simplicity we aggregate the dollar value of all the goods that she consumes during the week and call it C. Assume that if Anne chooses to work. the hourly wage rate Is 1:: =3 and she has to sleep 8 hours per day. Potentially, if she wants, she can work up to 5 days a week' Call L Anne's weekly leisure time where L is all the hours during the 5day workweek during which Anne is neilher working nor sleeping. Anne's utility Is given by 140,11] = CELP\

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