5160] Read the statement and answer the question

William Johnson goes to Syracuse University. Because his parents couldn't support him, he should work hard to make money and finance his college fee (average daily fee is $40). His hourly wage is $20 and his maximum hours available for either work or else are 16 hours per day. William has utilities over two goods, one is his GPA over his courses and another is his dating with a girl, because his better GPA will provides a better job and his dating provides an opportunity for both a good bride and have-a-fun. A study for better GPA costs him time, while a date costs him both time and money. Followings are the table for details, and marginal utility for a dollar is 1. William have at least 1.0 GPA to pass to maintain his status.

TotalUtilityand Time needed for study

GPATUhours[Marginal Utility]

1.01003100

1.5120420

2.0135515

2.5150615

3.0170720

3.5220950

4.03001180

4.540014100

_____________________________________________________

TotalUtilityandTime & money needed for dating

# dateTUhoursmoney[Marginal Utility}

11501$ 20150

2250240100

330036050

433048030

5350510020

6360612010

736571405

836581600

_____________________________________________________

51. The marginal utility column for GPA shows:

a. the law of decreasing marginal utility.

b. the law of increasing marginal utility.

c. the law of decreasing marginal utility first, and the law of increasing marginal utility next.

d. the law of increasing marginal utility first, and the law of decreasing marginal utility.next.

52. Suppose all the money that are needed for both college fee and date is supported by William

Johnson's parents. Then what is the maximum feasible GPA if he pursues only study (GPA),and what is the maximum number of date if he pursues only dating, given his resources?

a. GPA only (4.5), Date only (16).

b. GPA only (4.5), Date only (13).

c. GPA only (4.5), Date only (10).

d. GPA only (4.5), Date only (8).

53. Because there is no support from William's parents, what is the maximum feasible GPA if he pursues only study (GPA), and what is the maximum number of date if he pursues only dating, given his resources?

a. GPA only (4.5), Date only (8).

b. GPA only (4.5), Date only (7).

c. GPA only (4.5), Date only (6).

d. GPA only (4.5), Date only (5).

54. If the girls Williams date share the half of the money cost of William's date, what is the

maximum feasible number of dates?

a. 6.

b. 7.

c. 8.

d. 9.

55. The GPA and number of dates that maximize the utility of Williams is;

a. GPA (3.5), Date (1).

b. GPA (4.5), Date (0)

c. GPA (3.0), Date (3).

d. GPA (4.0), Date (2).

56. The maximized utility at that combination (question 55) is:

a. 480.

b. 485.

c. 490.

d. 470.

57. In the issues of production possibility frontier, the technical innovation allows the production

bundle of good A and good B to lies beyond the curve. In the William's case, the examples oftechnical innovation that make William's curve shift outside do not include:

a. using computer to save more time in study.

b. higher wage.

c. less hours to sleep.

d. asking parents to support tuition fee.

58 If William's hourly wage is $30, then the GPA and number of dates that maximize

the utility of Williams.

a. GPA (3.0), Date (4).

b. GPA (3.5), Date (3)

c. GPA (4.0), Date (2).

d. GPA (4.5), Date (0).

59 The maximized utility at that combination (question 58) is:

a. 600.

b. 530.

c. 540.

d. 560

60. Total working hours at that combination (question 58) is:

a.3 hours.

b.4 hours.

c.5 hours.

d.6 hours.