Jack's marginal utility of consumption is L - 3, and the marginal utility of leisure is C-52. Jack does not have any nonlabor income. Jack faces a $43 an hour wage rate. Jack's total number of hours available per week is 150.  What is Jack's optimal choice of consumption? (calculate to 2 decimal places)

Answer rating: 100% (QA)

To find Jacks optimal choice of consumption we need to set up Jacks utility maximization problem Giv... View the full answer