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(Static Model of Labor Supply) Courtney's preference for consumption and leisure is given by U (C,L) = (C-200)(L-80) so her marginal utility of leisure MU L= (C- 200) and her marginal utility of consumption is given by MU C= (L-80). There are 168 hours available in the week to split between work and leisure. She earns 5 dollars per hour after tax.
(a) Write down the equation for her budget constraint.
(b) Graph Courtney's budget line.
(c) Find Courtney's optimal amount of consumption and leisure (hint: MRS=w).
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