1 consider the problem of maximizing uc t subject to pc wl

Reference no: EM13374944

1. Consider the problem of maximizing u(c, t) subject to Pc + wl =wT + Y, where c is consumption leisure time T is the total time endowment, and Y is non wage income. Prove that if leisure is en inferior good then the labour supply function is upward-sloping.

2 Consider the problem of maximizing u a (x₁, x₂)³ subject to p₁x₁ + p₂x₂ = y. Derive the Marshallian demand functions and the indirect utility function, and confirm that Roy's identity holds.

Reference no: EM13374944

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