Question: Suppose we have one consumer with a Cobb Douglas utility function for consumption, x, and leisure, R: u(x, Ralnx+(1-a) In R. The consumer is

Suppose we have one consumer with a Cobb Douglas utility function for consumption, x, and leisure, R: u(x, Ralnx+(1-a) In R. The consumer is endowed with one unit of labor/leisure and there is one firm with a constant-returns to scale technology: r = aL. Determine (p, w) and R(p, w).

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