Nazarbayev University

ECON 328

ECON 328: LABOR ECONOMICS Problеm Sеt 1 Due: Monday, February 6, 23:59 pm Instructions: a. You can work in groups, but you need to submit your own original answers. Copying or paraphrasing (part or all of) someone else’s answers is NOT working together. Academic misconduct will NOT be tolerated. b. You need to upload your answers into Moodle. c. You can use a software (ex: Word or Latex) to type your answers, or scan your handwritten answers into a single pdf file. In the latter case, you are responsible for the quality of scanning. d. Late submissions are NOT accepted! Moodle will not accept any submissions after due date. Questions: Questions 5 and 7 are worth 20 points. The rest of the questions are worth 10 points. 1. Consider an individual with the following utility function: U(C,L) = 5C0.5L 0.3, where C is quantity of consumption and L is hours of