Real hourly market wage rate the individual can earn

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An individual utility function is given by U(c,h) = c*h, where c represents consumption during a typical day and h hours of leisure enjoyed during that day. The real hourly market wage rate the individual can earn is w = $20. For the graphical analysis of this individual’s utility maximization problem, consumption c is plotted on the vertical axis and hours of leisure h is plotted on the horizontal axis. The y-intercept for this individual’s full income constraint is [y]. (NOTE: Write your answer in number format, with 2 decimal places of precision level; do not write your answer as a fraction. Add a leading zero and trailing zeros when needed. HINT: See Chapter 16 for more details.)

Reference no: EM131073930

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