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Find kim budget constraint

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Reference no: EM132412221

Kim has utility over consumption c and leisure l represented by

U(c, l) = C^1/2 L^1/2

Kim has 2,000 hours to spend on either labor or leisure. Her hourly wage is w = $5.

a) Find Kim's budget constraint.

b) What is Kim's optimal level of consumption? Leisure? Hours worked?

c) Now, suppose that Kim has $5,000 of non-wage income. (She always gets this income in addition to any wage income.) Draw her new budget constraint.

d) What are Kim's new optimal levels of consumption, leisure, and hours worked?

Reference no: EM132412221

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