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Derive a condition on ? such that the consumer participates

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In the labor supply model of chapter 1, assume a utility function u(x1, x2) = x1¹-θx2θ, where θ ∈ (0, 1).

Question 1: Derive a condition on θ such that the consumer participates in the labor force.

Question 2: Assume that there are N consumers for whom θ is a realization of a uniform distribution on [0, 1], which is independent across consumers. Determine the expected labor force participation rate in that population.

Reference no: EM133261115

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