Suppose that an individual gains utility from both a Composite Consumption Good (C) and Leisure (R). They gain utility from these according to:
U(C,R) = C^0.5R^0.5
Suppose also that the wage rate is $15 per unit, and the price of Consumption equals $4 per unit. The individual begins with an endowment equal to CE = 8 and T = 22.
What is this individual's utility maximizing Supply of Labour? (Recall, L = T - R)
Note: Round your answer to two decimal places.