Consider a continuous-time version of the dynamic Arrow-Debreu-McKenzie model for the same data given as in Exercise

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Consider a continuous-time version of the dynamic Arrow-Debreu-McKenzie model for the same data given as in Exercise E5.image text in transcribed

Exercise E5

An owner of a strawberry plantation hires one worker who has 24 units of time. The employee can allocate part of the time to work and part to rest. He/she owns 20% of shares in profits of the plantation. The only production factor in producing strawberries is the labour of the worker. The process of production of strawberries is described by a power production function of a form:image text in transcribedimage text in transcribed

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