University of Sydney Economics Questions

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There are N homogeneous households and N homogeneous firms. There is only one good, and the good is produced by the firms with labor l according to a production function f (l) = 212. The households enjoy utility U (2,1 – l) = log x + log (1 – l) from x units of the good and 1- l units of leisure. Moreover, each household owns one firm and receives its profit II, and there is no initial endowment of x, that is, ū= 0. 1. Solve the households’ problem: – max {log x + log (1 – l)} st px + w (1 – l) = w+ II. x>0,0

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