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Scenario 1 Sun has the following utility function u(C) = 150 In(C) + 50 In(L) where C represents annual consumption in dollars and _ represents
Scenario 1 Sun has the following utility function u(C) = 150 In(C) + 50 In(L) where C represents annual consumption in dollars and _ represents annual hours of leisure. Suppose consumption is on the y-axis and leisure is on the x-axis. Sun can make $40 per hour and has 2,000 hours per year to work or to enjoy in leisure
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Price theory and applications
Authors: Steven E landsburg
8th edition
538746459, 1133008321, 780538746458, 9781133008323, 978-0538746458
