1 A household derives utility from the number of children n and consumption c according to the utility function U(z, n) z n ( here 1) The income of the household is Y and the price of children is pn With the price of consumption set equal to one the household's budget constraint is a I Pnn PzZ Cal...

In this utility maximization problem with utility function Uz n zn where 1 the households budget con ...

1. A household derives utility from the number of children n and consumption c according to...

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Basic Econometrics

ISBN: 978-0073375779

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Authors: Damodar N. Gujrati, Dawn C. Porter

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