Suppose That Utility Over Consumption and Leisure Takes the Constant$u ( \ell , c ) = \left( \alpha \ell ^ { - \rho } + ( 1 - \alpha ) c ^ { - \rho } \right) ^ { - 1 / \rho }$

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The Answer of Suppose That Utility Over Consumption and Leisure Takes the Constant$u ( \ell , c ) = \left( \alpha \ell ^ { - \rho } + ( 1 - \alpha ) c ^ { - \rho } \right) ^ { - 1 / \rho }$

Suppose That Utility Over Consumption and Leisure Takes the Constant $u ( \ell , c ) = \left( \alpha \ell ^ { - \rho } + ( 1 - \alpha ) c ^ { - \rho } \right) ^ { - 1 / \rho }$

Definitions:

Suppose That Utility Over Consumption and Leisure Takes the Constant u(ℓ,c)=(αℓ−ρ+(1−α)c−ρ)−1/ρu ( \ell , c ) = \left( \alpha \ell ^ { - \rho } + ( 1 - \alpha ) c ^ { - \rho } \right) ^ { - 1 / \rho }u(ℓ,c)=(αℓ−ρ+(1−α)c−ρ)−1/ρ

Definitions:

Suppose That Utility Over Consumption and Leisure Takes the Constant $u ( \ell , c ) = \left( \alpha \ell ^ { - \rho } + ( 1 - \alpha ) c ^ { - \rho } \right) ^ { - 1 / \rho }$