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Ted has a job which pays $10 per hour and which allows him to work for as many hours as he would like

Economics

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Ted has a job which pays $10 per hour and which allows him to work for as many hours as he would like. Finally, he is promoted and now makes $20 per hour (and can still work for as many hours as he would like). His utility function is U (x, y), where x is hours of leisure and y is dollars spent on consumption goods.