=+A. Consider a consumer who returns home from work at 6 p.m. and goes to sleep at
Question:
=+A. Consider a consumer who returns home from work at 6 p.m. and goes to sleep at 10 p.m. In the month of March, the sun sets by 7 p.m. in the absence of daylight savings time, but with daylight savings time, the sun does not set until 8 p.m. When the consumer comes home from work, she can either spend time (1) at home eating food from her refrigerator while e-mailing friends and surfing/shopping on the Internet or (2) at the local mall meeting friends for a bite to eat and strolling through stores to shop. Suppose this consumer gets utility from (1) and (2) (as defined here) but she also cares about x3
, which is defined as the fraction of daylight hours after work.
Step by Step Answer:
Microeconomics An Intuitive Approach With Calculus
ISBN: 9781337335652,9781337027632
2nd Edition
Authors: Thomas Nechyba