Alculate the optimal consumption and optimal leisure

Reference no: EM13209430

consider a representative consumer with preferences over consumption and leisure given by U(C,L)=C^2/3 L^1/3 assume that she has a total of h=18 hours a day which she can use for leisure or trade in the market for a wage rate w finally assume that she enjoys a dividend income =35 and has to pay taxes T=19
suppose the wage rate w=5 calculate the optimal consumption and optimal leisure

Reference no: EM13209430

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