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April 20, 2014

Homework Help: Macroeconomics

Posted by Kayla on Saturday, May 24, 2008 at 3:02pm.

Assume that preferencse are given by u(c,L) = 2*ln(c) +ln(L). The wage rate is $15 and the person has 120 hours of time available. Profits are 0. Taxes are 0. Write down two equations that describe the constraints faced by this consumer. Find an equation for the Marginal Rate of Substitution. Find the equilibrium level of consumption and leisure.

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