Utility from consumption C and leisure L

/in /by

Mary, the course representative for executive MBA class is satisfied with utility from consumption C and leisure L . The most leisure she can consume is any given week is 110 hours. Her utility function is U(C,L)=C x L. Mary receives Ghs660 each week from her sugar daddy regardless of how much she works. i. Calculate Mary’s marginal rate of substitution(MRS) ii. What will be Mary’s reservation wage? Explain iii. List four properties of an indifference curve