a. To maximize his utility, how many hours a day does Max spend on each activity? b.
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a. To maximize his utility, how many hours a day does Max spend on each activity?
b. If Max spent a dollar more on windsurfing and a dollar less on snorkeling than in part (a), how would his total utility change?
c. If Max spent a dollar less on windsurfing and a dollar more on snorkeling than in part (a), how would his total utility change?
Max has $35 a day to spend on windsurfing and snorkeling and he can spend as much time as he likes doing them. The price of renting equipment for windsurfing is $10 an hour and for snorkeling is $5 an hour. The table shows the total utility Max gets from each activity.
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