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Number of units of leisure raymond

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Reference no: EM131270318

Raymond consumes leisure (L hours per day) and other goods (Y units per day), with preferences described by UpL,Yq" L`2?Y . The price for other goods is $1, and the wage rate is w.

  • Show how the number of units of leisure Raymond chooses depends on the wage rate.
  • How does Raymond's daily income depend on the wage rate?
  • Does Raymond work more when the wage rate rises?

Reference no: EM131270318

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