Microsoft Word – HW_2-mPlease write every steps to get the answer in detail. Maximization is too confusing.Consider an economy where, consumer’s utility function is given as U(C,L)=C-(1/2)L2 . where...

Microsoft Word – HW_2-mPlease write every steps to get the answer in detail. Maximization is too confusing.Consider an economy where, consumer’s utility function is given as U(C,L)=C-(1/2)L2 . where C is consumption and L is labor. The production technology is Y=(1.6)L-(1/2)L2. The turnover cost per labor is (0.36)/(w/p)a. Write down the firm’s maximization problem and solve it. Find real wage, labor.b. Write down consumer maximization problem and solve it. Derive labor supply curvec. Find real wage, employment, output and unemployment in this economy.