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In the consumption/leisure model, let the consumer's utility function be u(L,c)=Lc . Assume that no unearned income is received. Can you show that the daily labour supply curve is L*(w)=12 hours ? [That is, this consumer's preferences are such that, regardless of the wage rate, he wants to work exactly half his day.]

It is not a maths exam, so equations alone are not enough, you need to provide a few sentences to explain the steps taken to find the solution.

Reference no: EM131416013

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