Question: Everything is mentioned in the below image Q.25 Suppose a representative consumer derives his utility from consumption c and leisure L is given by the

Everything is mentioned in the below image

Q.25 Suppose a representative consumer derives his utility from consumption c and leisure L is given by the function u(L, c) = In(L) + c. Assume that the unit price of stuff (consumption) equals 1 and that the maximum amount of time available to him is T = 24 hours per day. All his income comes from his work. Assume that w > 1/24. What will his equation for labour supply be? Note: Only one option is correct! Max. score: 2; Neg. score: 0.5 24 - 1/w 24- 1/10 w - 1/24 24- W

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