Economics Market Wage & Hourly Wage Questions

Question Description

I’m working on a economics discussion question and need guidance to help me learn.

1. Bucko’s utility from consumption and leisure is U(C,L) = C, L. There 100 hours in the week and his hourly wage is $7.
2. Randy has 100 hours per week to allocate between work and leisure. His non-labour income is $150 per week and the market wage is $20 hour. At this market wage, he chooses to work 50 hours per week.2.

Tags:
income

labor

budget constraint

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