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Suppose that following represents the utility function of the individual Uc,l = log c + log l c, represents the consumption level of the individual
Suppose that following represents the utility function of the individual
Uc,l=logc+logl
c, represents the consumption level of the individual and l, represents the leisure, while the market wage is 10 and available time is 20 .
Find and draw the labor supply function? (5 Marks)
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