Re: [請益] 幾題個體題目
2. Consider Farmer Grover who grows corn Ｃ , which can be sold at a price
of Ｐc per bushel. The number of bushels he grows is a function of the
amount of time the farmer chooses to spend growing corn Ｎ , i.e.
Ｃ＝Ｆ（Ｎ）. The marginal product of labor in corn production is
positive but decreasing. The farmer also earns ter income of Ｙ. The
farmer receives utility from consuming Ｚ , which he purchases at a
price of Ｐz per unit and from leisure Ｌ . He has a time endowment
of Ｔ hours and therefore Ｌ＝Ｔ－Ｎ .
(A) If the farmer's utility function in Ｕ（Ｌ,Ｚ）, the what will be
his utility maximization problem ？
(B) What are the first order and second order conditions in this
problem ？
(C) Suppose the quantity of time the farmer chooses to spend growing
corn is independent of Ｙ . Show that Ｎ will rise when Ｐc rises
and present an intutive explanation of this result.
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