Question: For a household with a utility function: U(x,L) = x^()L^(1) where x is a consumption goods and L is leisure solve the utility maximisation problem.

  1. For a household with a utility function:

    U(x,L) = x^()L^(1) where x is a consumption goods and L is leisure solve the utility maximisation problem. Assume that the endowment of

    (a) the Walrasian demand for consumption good x given its price p and the wage rate w.

    (b) the supply of labor given p and the wage rate w.

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