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{"ops":[{"insert":"Again, assume, the parameters of the the utility and production functions\ncan be calibrated as follows:\nProductivity factor, AG= 5\nLabour elasticity, \" = 1\/3\nDegree to which the agent prefers leisure to work, \u21b5 = 0.5\nTime endowment, T = 1\nFind: the new equilibrium values for and indicate what the value represent.\n(a) Labour, l. [10 Marks]\n(b) Consumption, c. [10 Marks].\n(c) Utility, u. [10 Marks]\n(d) Graph the equilibrium in a (c : l) space [10 Marks]\n((f) Estimate the growth in output in the economy as result of the improvement\nin productivity.\n"}]}
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