What is the quantity of labor supplied

Reference no: EM133279199

Question - A worker has preferences given by the utility function U(N, Y) = N²Y where N is the hours of leisure per day and Y is their spending on purchased goods.

If the consumer faces a wage rate of w=30, how much leisure and purchased goods do they consume? What is the quantity of labor supplied?

Suppose the wage increases to w=40. What is the quantity of labor supplied?

Reference no: EM133279199

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