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Calculate bob marginal rate of substitution

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Reference no: EM13695297

Suppose that Bob's preferences are given by U(L,C) = [α * log(L)] + [(1- α) * log(C)] with C equal to consumption, L equal to the number of leisure weeks, and the parameter α ranging between 0 and 1. Calculate Bob's marginal rate of substitution as a function of L,C, and α.

Reference no: EM13695297

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