Suppose Cheese (C) and Watches (W) in are produced in Namibia using only labor and the production functions are: C=10 l c
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and W= l w
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where: l c
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and l w
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represent labor devoted to the production of cheese and watches, respectively. Suppose labor supply in the country is fixed at L=300, and the utility function of the representative Namibian consumers is U(C,W)= CW
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i) Find the equilibrium amount of cheese and watches that must be produced for the Namibian economy ii) What are the relative prices the achieve overall efficiency? [5 marks] [2 marks] iii) What will be the level of utility enjoyed by the Namibian consumers at the optimal point [4 marks] iv) With Cheese on the horizontal axes, present your answers from i) to iii) on a fully and well labeled diagram