represented by the utility function ????ሺ????, ????ሻ ൌ ????ሺ???? െ 2ሻ. (Labor is Nole’s only source of income.) The hourly wage is $10 and the
represented by the utility function ????ሺ????, ????ሻ ൌ ????ሺ???? െ 2ሻ. (Labor is Nole’s only source of income.) The hourly wage is $10 and the price of corn is $2. a) If the law prohibits to work more than 10 hours, would Nole work 10 hours or less? b) Now suppose that the law is repealed, so that Nole can work as many hours as he wants. Moreover, the government has approved a subsidy of $40 for each veteran (and Nole is one of them). How much corn will Nole consume?
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