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PEA 2023Question 12descriptiveModerate Under review
This item is under review.

Household has endowment Lˉ\bar L, supplies LsL^s, enjoys Lˉ−Ls\bar L-L^s leisure. u=Cβ+(Lˉ−Ls)βu=C^\beta+(\bar L-L^s)^\beta, 0<β<10<\beta<1. Budget: PC=WLsPC=WL^s. Find LsL^s as a function of W/PW/P.

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Final answer

Option A