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Mr. Cog works in a machine factory. He can work as many hours per day as he wishes at a wage rate of w. Let
Mr. Cog works in a machine factory. He can work as many hours per day as he wishes at a wage rate of w. Let C be the number of dollars he spends on consumer goods and let R be the number of hours of leisure that he chooses. Mr. Cog earns $8 an hour and has 18 hours per day to devote to labor or leisure, and he has $16 of nonlabor income per day. Write an equation for his budget between consumption and leisure.
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