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What is genevieve optimal choice of leisure

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Reference no: EM132587557

Suppose that Genevieve has 100 hours per week to allocate between work and leisure and she earns $10 per hour. Further, if she has the utility function represented by U(Y, L) = YL (that is Y multiplied by L), where Y is the total income and L is the amount of Leisure.

a) What is Genevieve's optimal choice of leisure (L*) if her non-labour income is zero?

b) Suppose the government is considering a new social assistance policy that pays a benefit (B) to all non-workers and pays $0 to all workers. At what amount of benefit will Genevieve opt out of the labour force and adopt the government plan?

Reference no: EM132587557

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