Suppose Jenny has a maximum of 10 hours available a day, and earn $15 per hour....
Suppose Jenny has a maximum of 10 hours available a day, and earn $15 per hour.
Her utility function can be describe as U (L, X)= LX.
X is other goods and L is leisure time.
The price of other goods is $1.
Compute the hours that Jenny need to work and the earning that will produce the equilibrium point. Compute U(L,X) at the equilibrium point. Represent the equilibrium graphically.
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Suppose Jenny has a maximum of 10 hours available a day, and
earn $15 per hour....
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day, the individual needs 6 hours for sleeping and other
essential personal matters
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leisure hours. Each
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essential personal matters
3. Suppose an individual has a utility function U = U(M,X) = 10 MX', where U is her utility, M is her (daily) money income and X is her (daily) leisure hours. Each day, the individual needs 6 hours...
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utility, M is her(daily) money income and x is her(daily)
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day, the individual needs 6 hours for sleeping and other
essential personal matters
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