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Question: There are 10 individuals that inhabit a labor market. Each of them has a utility function given by
U (l, x) = 9l + 2x.
The price of good x, Px, is equal to 1 for all individuals. The time endowment of each individual is T = 20, and the non-labor income of each is I = 20. The wage of individual i is equal to i, that is,
wi = i, i = 1, 2, ..., 10.
a. What is the total amount of time supplied to the labor market (that is, what is the total amount of time supplied to the market by all 10 individuals)?
b. What is the total amount of x consumed by individuals in this market?
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