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Question
(a) Let the utility function be U = log(x) - l, where l is labour and x is consumption. Find the level of labour supply if the wage rate w=10.
(b) If an overtime premium is introduced which raises w to 12 for all excess hours, what is the effect on labour supply?
(c) Clarify your answer using a diagram.
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Consider a simple island economy where the sun is always gentle and warm and the breezes are cool. Let's call this island DanLand. There are four product markets in DanLand: coconuts, fish, textiles, and beer. Coconuts grow freely around D..
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