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keisanHigh-precision calculations for everyday life and work

Calculates the optimal labor supply

Author: shiroeExecutions: 60

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We will calculate the optimal labor supply.
Consider the utility function u = k(x^a)(24 - L)^b.
x is the consumption quantity of a certain good x, and L is the number of hours worked.
k is a coefficient, and a and b are exponents.
Let p be the price of good x and w be the wage rate.
Assume there is a rational consumer who consumes only good x.
Calculate the optimal labor supply in this case.
Enter non-zero, positive values for p, w, k, a, and b.
Enter non-zero, non-negative integers for k, a, and b.
Output the optimal labor supply L (hours).
p
Price of x assets
w
Wage Rate
k
Coefficients of the utility function
a
Exponent of the utility function
b
Exponent of the utility function
Adopted value for p Price of x assets
Adopted value for w  Wage Rate
Values adopted for k  Coefficients of the utility function
The adopted value for a  Exponent of the utility function
The value adopted for b  Exponent of the utility function
L (Time) Working hours (0 or more, 24 or less)
R6 (2024). 01/31 (Wed) _ "Calculation of Optimal Labor Supply"
keta06, kahen

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