Question: Assume the following utility function U(c, l) = c1/3 l2/3 implying the relative importance of the consumption and leisure are, 1/3 and 2/3 respectively. Given

Assume the following utility function U(c, l) = c1/3 l2/3 implying the relative importance of the consumption and leisure are, 1/3 and 2/3 respectively. Given the budget constraint cP=W(24-l), in which W=$40 and P=$5, solve for the optimal consumption(c) and leisure(l) and labor supply (h) for this consumer.

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