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.image text in transcribed

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Economics

ISBN: 9781292433639

14th Global Edition

Authors: Michael Parkin

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