Consider a consumer maximising utility over 2c - 2/1 3 (c,l) total consumption and hours worked....

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Consider a consumer maximising utility over 2√c - 2²/1² 3 (c,l) total consumption and hours worked. For each hour worked, the consumer earns a wage of 134. Every unit of consumption costs 1.00, which must be paid out of earnings income. Moreover, the worker's union restricts total hours worked to be at most 8 hours. What is the optimal amount of consumption? (Round to two decimal places.) Question Select all true statements about the previous problem. At the constrained optimum, the consumer prefers to work more hours than the union allows. The worker does not spend all earnings income on consumption. In all cases where the budget constraint holds with strict equality, its associated Lagrange multiplier is negative. In the case where the budget constraint holds with strict equality but the union's constraint with strict inequality, there is a complementary slackness check that is violated. In all cases where the budget constraint holds with strict inequality, it is impossible to satisfy the first order conditions. Consider a consumer maximising utility over 2√c - 2²/1² 3 (c,l) total consumption and hours worked. For each hour worked, the consumer earns a wage of 134. Every unit of consumption costs 1.00, which must be paid out of earnings income. Moreover, the worker's union restricts total hours worked to be at most 8 hours. What is the optimal amount of consumption? (Round to two decimal places.) Question Select all true statements about the previous problem. At the constrained optimum, the consumer prefers to work more hours than the union allows. The worker does not spend all earnings income on consumption. In all cases where the budget constraint holds with strict equality, its associated Lagrange multiplier is negative. In the case where the budget constraint holds with strict equality but the union's constraint with strict inequality, there is a complementary slackness check that is violated. In all cases where the budget constraint holds with strict inequality, it is impossible to satisfy the first order conditions.

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