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Consider an economy where, consumer’s utility function is given as U(C,L)=C-(1/2)L2 . Where C is consumption and L is labor. The production technology is Y=(1.6)L-(1/2)L2. The turnover cost per labor is (0.36)/(w/p)
a) What happens to t as real wage increases? Give a clear intuition
b) What happens to t as labor increases? Give a clear intuition
c) Write down the firm’s maximization problem and solve it. Find real wage, labor.
d) Write down consumer maximization problem and solve it. Derive labor supply curve
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