Derive the labor supply functions in detail

Reference no: EM132196929

Question: Derive the labor supply functions that are associated with the three utility functions given below (that is, derive the functions that are associated with the optimal choice of labor market hours for any wage offer w). Assume that the individual's time endowment T = 16, non-labor income Y = 32, and the price of consumption Pc = 1.

a. U (l, c) = 0.6 ln (l) + 0.4 ln (c)

b. U (l, c) = 0.4l+ 0.8c

c. U (l, c) = 0.8 ln (l) + c

d. U (l, c) = min [3l, c]

Reference no: EM132196929

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