Labor leisure constraint, Assume Madison has sixteen hours

Labor leisure constraint

Reference no: EM1369418

Assume Madison has sixteen hours in the day for work or leisure. She earns $5 an hour and receives $15 each day in non-labor income.
Draw her labor-leisure constraint. Also, suppose Madison maximizes her utility by working 8 hours a day. Solve for the amount of leisure consumed and the amount of income earned. Indicate these equilibrium values in your graph.

Reference no: EM1369418

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