John has a utility function of the following: U(L, C) = LB C1-B, where L is leisure and C is consumption. If he works, he receives a real wage w. Outside of the labor market, he has non- labor market income V. And his endowment of time T is normalized to 1. And the price of goods p is also normalized to 1.
(c) How much total income does
he have?
(d) How much consumption will he make?