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individual has a utility function of this form U(C, L) = 6 + CxL endowment of V in non-labor income.
individual has a utility function of this form
U(C, L) = 6 + CxL
endowment of V in non-labor income. T = 16 hours to either work (h) or use for leisure (L).
How much utility does the individual receive if she consumes C = 4 and works h = 6 hours? Write down and graphically indicate the budget constraint of the individual.