Additional dollars of income


The utility function of a worker is represented by U(C, L) = C × L, so that the marginal utility of leisure is C and the marginal utility of consumption is L. Suppose this person currently has a weekly income of $600 and chooses to enjoy 70 hours of leisure per week. How many additional dollars of income would it take to entice the worker to work 10 more hours?

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Accounting Basics: Additional dollars of income
Reference No:- TGS0528989

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