Could someone find hw, hl and hw(w)?
Suppose that your preferences are defined over food and leisure. Food is purchased with income earned through working. You have 18 hours a day that you divide between work and leisure. Assume food, F
, costs $6 per unit and your income is equal to your wage, w
, times hours worked, H
W
. All of your income is spent on food. Assume that your preferences are such that you always consume 1 units of food for every hour of leisure, H
L
, that you enjoy. Hence F
H
L
=1
.
If w=21
,
Suppose that your preferences are defined over food and leisure . Food is purchased with income earned through working ."You have 18 hours a day that you divide*between work and leisure. Assume food , I , costs {} per unit and your income is Equal to your wage , w , times hours worked , Hug _ All of your income is Spenton food. Assume that your preferences are such that you always consume I units of food for every hour of leisure , HT , that you Enjoy . HENCE*HI= 1 .`If 20 = 21How much time will you spend working ?*#|TTHow much leisure time will you Enjoy ? HIT -Find the labour supply function in terms of wage , 10 . Leave numbers as fractions*HIV ( ` ) =\
