Question: Consider the one-period model we learned in class. Suppose the representative consumer has prefer- ence over consumption (c) and leisure (l). Her indifference curves are

Consider the one-period model we learned in class. Suppose the representative consumer has prefer- ence over consumption (c) and leisure (l). Her indifference curves are represented by the following utility function

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9. How much of the information collected will be used in decision-making?

1. Background knowledge of the subject and

4. What specific changes in the environment have taken place in relation to the information we have collected?