Question

In: Economics

The consumer receives a real wage ? for each hour worked and a real dividend ?....

The consumer receives a real wage ? for each hour worked and a real dividend ?. If the consumer chooses to have zero children, ? = 0, she supplies ? hours of labor. However, for each child, the consumer is required to forgo b hours of labor such that the labor income is ?(? − ??). Note that, since hours worked cannot be negative, ? cannot be larger than ?⁄?. b) Write the budget constraint of the consumer equation

Solutions

Expert Solution

The real divedend that is M= ?

N hours worked with wage rate w= Nw

If F is the children, she will forgo b hours. Therefore forgo wage is = -wNF

Therefore,

Nw - wNF= ?

w(N-bF)= ?

Rahul Sunny answered 2 years ago
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