Accounting Assume the Cobb-Douglas production function and a log utility function can be used to describe the behaviour of a given centralised representative agent economy: y = f(l) = lγ , u(c, l) = lnc + αlnc Parameters: Productivity factor, AG= 1; Labour elasticity, γ = 1/3 ; Degree to which the agent prefers leisure to work, α = 0.5; Time endowment, T = 1 T = l + x, where T =1 c = y = f(l,k) = AG lγ K1-γ, where k is constant i.e K=1 thus c = y = f(l,k) = AG lγ Find: the following equilibrium values for : (a) Labour, l; (b) Consumption, c.; (c) Utility, (u). (d) Graph the equilibrium in a (c : l) space, (e) Interpret the results of the equilibrium values.