Walras has available 24 hours per day. He has to alloacate this 24 hours between leisure $(L)$ and work. His utility function depends on leisure and the composite good $(C)$ and is given by $U=LC$. Work pays him a wage of 1 dollar per hour and this is his only income.
What is his optimal choice of $L$ and $C$ ?
I understand that $MRS=C/L$ and it should be equal to the price ratio. Is it 1 or 2? I am confused whether budget constraint is $C+L=24-L$ (in this case price ratio is 2). Can someone clarify this?