Question: Need help with this advanced economics question Problem 1. Ann decides how many hours L E [0, 24] to work when the wage is to.

Need help with this advanced economics question

Problem 1. Ann decides how many hours L E [0, 24] to work when the wage is to. Her preference is represented by the following Cobb-Douglas utility function: U(f10) =f20 where f = 24 L is free time and C is her consumption level. Suppose Ann's nonlabor income is t = $60 and the consumption price is p = 1. 1. Write down Ann's utility maximization problem (including the budget set). 2. Determine the optimal labor supply L\" as a function of to. Is L' increasing or decreasing in w

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