Math Problem Statement
solve for c(l)
Solution
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Math Problem Analysis
Mathematical Concepts
Utility Function
Optimization
Consumption-Leisure Tradeoff
Formulas
Utility Function: u(c, l) = (c^(1-σ) - 1) / (1 - σ) + (l^(1-σ) - 1) / (1 - σ)
Consumption: c = W(1 - l)
Utility Level: ũ = 2(0.5^(1-σ) - 1) / (1 - σ)
Theorems
Utility Maximization
First-Order Conditions
Suitable Grade Level
Undergraduate Economics
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