Suppose that the consumers preferences are given by the utility function U(C, l) = ln C +

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Suppose that the consumer’s preferences are given by the utility function U(C, l) = ln C + α  ln l,where α > 0. Determine the consumer’s choice of consumption and leisure and interpret your solutions.

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Macroeconomics

ISBN: 978-0134472119

6th Edition

Authors: Stephen D. Williamson

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