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[Steps Shown] Consider the problem of maximizing utility function u(c,l) subject to pc + wl = w + y where c is consumption, l E (O,1) is leisure time and

Question: Consider the problem of maximizing utility function u(c,l) subject to pc + wl = w + y where c is consumption, l E (O,1) is leisure time and y is non wage income. Prove that leisure must be a normal good for a labour supply function to be downward sloping

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Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document


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