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Joe's Lagrangian for utility maximization is = (, ) + (()(- )-) Let L be leisure, X be other consumption and = + . Note
Joe's Lagrangian for utility maximization is = (, ) + (()(- )-) Let L be leisure, X be other consumption and = + . Note that Joe's wage varies with the hours he works: () = , > 0. Use both a graph and calculus to show how the number of hours he chooses to work depends on his tastes (amount of leisure consumed)
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