Assume a one-period economy Characterize graphically the consumption-leisure choice of a consumer with utility function...

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Assume a one-period economy • Characterize graphically the consumption-leisure choice of a consumer with utility function U(c,l) (with positive and decreasing marginal utilities), budget constraint c = w(h − 1) + π − T and time endowment constraint ≤h. State the optimality condition of the consumer in an interior solution. Include both cases TT and T < T and show where h is. = ● Characterize graphically the profit maximization problem of a firm with production function Y where K is fixed, ƏF(K,N) Ə² F(K,N) <0. Note: firm's profits are given by ON² > 0, and ƏN State the optimality condition of the firm. = F(K, N), F(K, N) – wN. Assume a one-period economy • Characterize graphically the consumption-leisure choice of a consumer with utility function U(c,l) (with positive and decreasing marginal utilities), budget constraint c = w(h − 1) + π − T and time endowment constraint ≤h. State the optimality condition of the consumer in an interior solution. Include both cases TT and T < T and show where h is. = ● Characterize graphically the profit maximization problem of a firm with production function Y where K is fixed, ƏF(K,N) Ə² F(K,N) <0. Note: firm's profits are given by ON² > 0, and ƏN State the optimality condition of the firm. = F(K, N), F(K, N) – wN.

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