Homework Answers
| hours | Mu of Golf | MU of Tennis | MU of Golf / PRICE | MU of Tennis / PRICE | golf price | 10 | ||
| 1 | 80 | 40 | 8 | 8 | Tennis price | 5 | ||
| 2 | 60 | 36 | 6 | 7.2 | ||||
| 3 | 40 | 30 | 4 | 6 | ||||
| 4 | 30 | 10 | 3 | 2 | ||||
| 5 | 20 | 5 | 2 | 1 | ||||
| 6 | 10 | 2 | 1 | 0.4 | ||||
| 7 | 6 | 1 | 0.6 | 0.2 | ||||
| equilibrium condition | ||||||||
| MU of Golf/ P = MU of Tennis/ P | ||||||||
| income = hour price of golf *no of hours for golf +hour price of Tennis* no of Hours for tennis | ||||||||
| 10*5+5*4 | ||||||||
| 70 | ||||||||
| income should be spend in such way that it should give maximum satisfaction to consumer and should be spend fully | ||||||||
| so we can notice than Mug/P= Mut/ P is equal on different combination like | ||||||||
| 8,8 | ||||||||
| 6,6 | ||||||||
| 2,2 | ||||||||
| but only 2,2 in which tennis hours are 4 and golf hours are 5 to be consumed that exhaust consumer income in fully. | ||||||||
Add Answer to:
18a
17. Cindy has $70 a month to spend, and she can spend as much time...
Hours playing Hours golf playing tennis 70 2 10 12 T14 Q6 Cindy has $70 a...
Hours playing Hours golf playing tennis 70 2 10 12 T14 Q6 Cindy has $70 a month to spend, and she can spend as much time as she likes playing golf and tennis. The price of an hour of golf is $10, and the price of an hour of tennis is $5. The table shows Cindy's marginal utility from each sport. a) How many hours of golf and how many hours of tennis does she play to maximize her utility?...
please show step by step and what equation to use to get the correct answer. Table...
please show step by step and what equation to use to
get the correct answer.
Table 1 Cindy enjoys golf and tennis. Table 1 shows the marginal utility she gets from each activity Hours per month Marginal utility Marginal utility from golf from tennis Cindy has $70 a month to spend, and she can spend as much time as she likes on her leisure pursuits. The price of an hour of golf is $10, and the price of an hour...
2. Cindy gains utility from consumption C and leisure L. The most leisure she can consume...
2. Cindy gains utility from consumption C and leisure L. The most leisure she can consume in any given week is 80 hours. Her utility function is: U(CL)= (1/3) x L (2/3). a) Derive Cindy's marginal rate of substitution (MRS). Suppose Cindy receives $800 each week from her grandmother-regardless of how much Cindy works. What is Cindy's reservation wage? b) Suppose Cindy's wage rate is $30 per hour. Write down Cindy's budget line (including $800 received from her grandmother). Will...
Cindy gains utility from consumption C and leisure L. The most leisure she can consume in any giv...
Cindy gains utility from consumption C and leisure L. The most leisure she can consume in any given week is 80 hours. Her utility function is: a) Derive Cindy's marginal rate of substitution (MRS) b) Suppose Cindy receives $800 each week from her grandmother regardless of how much Cindy works. What is Cindy's reservation wage?
Cindy gains utility from consumption C and leisure L. The most leisure she can consume in any given week is 80 hours. Her utility function...
Gina works at a diner. She has 100 hours each week to spend at labor/leisure, earns...
Gina works at a diner. She has 100 hours each week to spend at labor/leisure, earns a wage of $15 per hour, and works in a fancy modern restaurant that doesn't involve tips from customers. She has no sources of non-labor income, but she does have to pay $200 per week in childcare for her precious baby Carlos (regardless of how many hours she actually utilizes the childcare). Her utility function is U 1. 0.001CL2 (3 points) Each week she...
Pham can work as many or as few hours as she wants at the college bookstore...
Pham can work as many or as few hours as she wants at the college bookstore for $9 per hour. But due to her hectic schedule, she has just 18 hours per week that she can spend working at either the bookstore or at other potential jobs. One potential job, at a café, will pay her $12 per hour for up to 7 hours per week. She has another job offer at a garage that will pay her $10 an...
Cho is a hard-working college junior. One Saturday, she decides to work nonstop until she has...
Cho is a hard-working college junior. One Saturday, she decides to work nonstop until she has answered 150 practice problems for her math course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem. Time Total Problems Answered 8:00am 0 9:00am 60 10:00am 105 11:00am 135 Noon 150 1- Use the table to answer the following...
Katy runs a hair salon in the town of Dairy. She is debating whether she should...
Katy runs a hair salon in the town of Dairy. She is debating whether she should extend her hours of operation. She figures that her sales revenue will depend on the number of hours the nail salon is open but staying open also increases her operational expenses. She calculates that every additional hour that she is open in the evening adds $120 to her costs. The table below shows the revenue from servicing clients during evening hour. Hours Open Total...
4. A decision at the margin Hilary is a hard-working college senior. One Thursday, she decides...
4. A decision at the margin Hilary is a hard-working college senior. One Thursday, she decides to work nonstop until she has answered 100 practice problems for her chemistry course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem. Time 8:00 AM 9:00 AM 10:00 AM 11:00 AM Total Problems Answered 40 70 90 100...
3. Jade is deciding how much to work in 2020. She derives utility from consumption,C, but...
3. Jade is deciding how much to work in 2020. She derives utility from consumption,C, but she also really likes taking leisure time L. She must divide her available hours between work and leisure. For every hour of leisure she takes, she must work one fewer hours (meaning that the price of leisure is her hourly wage). The function that describes her preferences is given by The marginal utilities are U(C, L) = C(1/2)L(1/2) MUC = 1C(−1/2)L(1/2)2 MUL = 1C(1/2)L(−1/2)2...
Hours playing Hours golf playing tennis 70 2 10 12 T14 Q6 Cindy has $70 a month to spend, and she can spend as much time as she likes playing golf and tennis. The price of an hour of golf is $10, and the price of an hour of tennis is $5. The table shows Cindy's marginal utility from each sport. a) How many hours of golf and how many hours of tennis does she play to maximize her utility?...
please show step by step and what equation to use to
get the correct answer.
Table 1 Cindy enjoys golf and tennis. Table 1 shows the marginal utility she gets from each activity Hours per month Marginal utility Marginal utility from golf from tennis Cindy has $70 a month to spend, and she can spend as much time as she likes on her leisure pursuits. The price of an hour of golf is $10, and the price of an hour...
2. Cindy gains utility from consumption C and leisure L. The most leisure she can consume in any given week is 80 hours. Her utility function is: U(CL)= (1/3) x L (2/3). a) Derive Cindy's marginal rate of substitution (MRS). Suppose Cindy receives $800 each week from her grandmother-regardless of how much Cindy works. What is Cindy's reservation wage? b) Suppose Cindy's wage rate is $30 per hour. Write down Cindy's budget line (including $800 received from her grandmother). Will...
Cindy gains utility from consumption C and leisure L. The most leisure she can consume in any given week is 80 hours. Her utility function is: a) Derive Cindy's marginal rate of substitution (MRS) b) Suppose Cindy receives $800 each week from her grandmother regardless of how much Cindy works. What is Cindy's reservation wage?
Cindy gains utility from consumption C and leisure L. The most leisure she can consume in any given week is 80 hours. Her utility function...
Gina works at a diner. She has 100 hours each week to spend at labor/leisure, earns a wage of $15 per hour, and works in a fancy modern restaurant that doesn't involve tips from customers. She has no sources of non-labor income, but she does have to pay $200 per week in childcare for her precious baby Carlos (regardless of how many hours she actually utilizes the childcare). Her utility function is U 1. 0.001CL2 (3 points) Each week she...
4. A decision at the margin Hilary is a hard-working college senior. One Thursday, she decides to work nonstop until she has answered 100 practice problems for her chemistry course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem. Time 8:00 AM 9:00 AM 10:00 AM 11:00 AM Total Problems Answered 40 70 90 100...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago