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Mikes utility for consumption and leisure is ucl c times

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Mike's utility for consumption and leisure is U(C,L) = C × L so that his marginal rate of substitution between leisure and consumption is C/L. There are 168 hours in the week and he earns $10 per hour.

(a) What is Mike's optimal amount of consumption and leisure?

(b) If the government starts a welfare policy that pays B to all non-workers and pays $0 to all workers, at what value of B will Mike opt out of the labor force in order to go on welfare?

Reference no: EM13460466

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