Question

Which of the following is both a source of utility and an allocation of time? A)...

Which of the following is both a source of utility and an allocation of time? A) Disutility B) Leisure C) Market work D) Non-Market work

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Ans.C.) market work : This will be termed as a utility as it will give satisfaction to the firm when he would earn profits through his activities and secondly allocation of time. The firm is using his time in a productive manner by engaging in market activities which is giving him returns as well as serving the society.

Add a comment
Know the answer?
Add Answer to:
Which of the following is both a source of utility and an allocation of time? A)...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • When individuals have maximized their time utility, which of the following is true? a) their marginal...

    When individuals have maximized their time utility, which of the following is true? a) their marginal utility is the same across all three allocations of time b) their marginal utility of leisure is the highest c) they have increasing marginal disutility d) their opportunity cost of leisure is less than their opportunity cost of non-market work

  • Consider a consumer who lives for two periods. The consumer gets utility from consumption in each...

    Consider a consumer who lives for two periods. The consumer gets utility from consumption in each period. The consumer also gets an endowment of time in each period, L hours, which the consumer can use to work or consume as leisure . The consumer gets NO utility from leisure, however. There is no borrowing or lending. (a)(10%) Let w1 and w2 be the wage rates per hour in periods 1 and periods 2 respect- ively. In period 1, the consumer...

  • Problem 3 Alan's utility function for consumption (C) and leisure time (1) is U(C,1) = 2C1/2...

    Problem 3 Alan's utility function for consumption (C) and leisure time (1) is U(C,1) = 2C1/2 + 1. Each week, Alan has a time endowment of 120 hours that he can devote to work (N) or leisure time (7). The unit price of C is $1 while the unit wage rate is w. Alan also earns A dollars per week of non-labor income. a) Write the expression of Alan's budget constraint. b) Find Alan's optimal combination of consumption and leisure...

  • Problem 3 Alan's utility function for consumption (C) and leisure time (1) is U(C,1) = 2C1/2...

    Problem 3 Alan's utility function for consumption (C) and leisure time (1) is U(C,1) = 2C1/2 + 1. Each week, Alan has a time endowment of 120 hours that he can devote to work (N) or leisure time (7). The unit price of C is $1 while the unit wage rate is w. Alan also earns A dollars per week of non-labor income. a) Write the expression of Alan's budget constraint. b) Find Alan's optimal combination of consumption and leisure...

  • 3. Person A and B are both lawyers choosing between two career options: associate at a...

    3. Person A and B are both lawyers choosing between two career options: associate at a big law firm or a public defender. Associates must work at least 45 hours per week. Beyond that, they can choose how many hours to work up to a maximum of 120. Their wage is $100 per hour. Public defenders work exactly 40 hours per week and earn $3600 for it. Person A has utility function UA = Le* C and person B has...

  • Problem 5 Assume that a worker has the Utility Function U(C,L) C "C" refers to consumption in dollars and &...

    Problem 5 Assume that a worker has the Utility Function U(C,L) C "C" refers to consumption in dollars and "L" to hours of leisure in a day. The worker has an offered wage of $10 per hour, 20 hours available for leisure or work per day, and $30 dollars a day from non- labour income. o 8.60 L (a) Find the budget constraint equation of the individual. (b) Find the optimal choice for the individual in terms of units of...

  • John’s utility function is represented by the following: U(C,L) = (C-400)*(L-100), where C is expenditure on consumption...

    John’s utility function is represented by the following: U(C,L) = (C-400)*(L-100), where C is expenditure on consumption goods and L is hours of leisure time. Suppose that John receives $150 per week in investment income regardless of how much he works. He earns a wage of $20 per hour. Assume that John has 110 non-sleeping hours a week that could be devoted to work. a. Graph John’s budget constraint. b. Find John’s optimal amount of consumption and leisure. c. John...

  • Kirpa is trying to decide how many hours to work each week. Her utility is given by the following function: U(C,H) = C2 H3 , where C represents weekly consumption and H represents weekly leisure hours...

    Kirpa is trying to decide how many hours to work each week. Her utility is given by the following function: U(C,H) = C2 H3 , where C represents weekly consumption and H represents weekly leisure hours. Her marginal utility with respect to consumption is MUc = 2CH3 , and her marginal utility with respect to leisure is MUH = 3C2 H2 . A) Find Kirpa's optimal H, L and C when w=$7.50 and a = $185. B) Suppose w increases...

  • Consider a consumer who derives utility from two goods: consumption (Good C) and leisure (Good H,...

    Consider a consumer who derives utility from two goods: consumption (Good C) and leisure (Good H, in hours). The consumer has a total of L hours available. The consumer's income comes from time spent at work, which pays a wage of w per hour. Assume the three activities are mutually exclusive: While at work, the consumer cannot spend time on leisure or consumption. (a) What is the consumer's budget constraint? (b) Assuming the consumer's utility function is U(c,h)=a*ln(c)+(1-a)ln(h), derive the...

  • Which of the following best describes standard costing? a. the allocation of overhead by multiplying a...

    Which of the following best describes standard costing? a. the allocation of overhead by multiplying a market-based rate by standard activity b. the allocation of overhead by multiplying a perdetermined rate by standard activity. c. the allocation of overhead by multiplying a predtermined rate by actual activity. d. the allocation of overhead by multiplying a market-based rate by actual activity.

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT