Assume that this person presently has a weekly income of

Reference no: EM13460449

The utility function of a worker is represented by U(C, L) = C × L, so that the marginal utility of leisure is C and the marginal utility of consumption is L. Suppose this person currently has a weekly income of $600 and chooses to enjoy 70 hours of leisure per week. How many additional dollars of income would it take to entice the worker to work 10 more hours?

Reference no: EM13460449

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