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Problem 3: Time Allocation with Greenwood-Hercowitz- Huffman Preferences Robinson has preferences described by the utility function u(c, h ) = _ (c -y /4 )

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Problem 3: Time Allocation with Greenwood-Hercowitz- Huffman Preferences Robinson has preferences described by the utility function u(c, h ) = _ (c -y /4 ) " where c denotes consumption and h hours of work. Assume that the total number of available hours is equal to one so that ( + h = 1. The production function is y = Ah", with 0

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