FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Consumer utility function for consumption of good X and keisure N is U=X+lnN. The non labor income is 60. There are 24 hours in a

Consumer utility function for consumption of good X and keisure N is U=X+lnN. The non labor income is 60. There are 24 hours in a day ans the wage is 20. The price of X is 180. How many units of X will this consumer purchase? Write out the optimization problem you're solving.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Microeconomics

Intermediate Microeconomics

Authors: Hal R. Varian

9th edition

978-0393123975, 393123979, 393123960, 978-0393919677, 393919676, 978-0393123968

More Books

Students also viewed these Economics questions

Question

★★★★★
Discuss the difference between a lease and a license and state the advantages and disadvantages of each.

Answered: 1 week ago

Question

★★★★★
Add or subtract and, if possible, simplify. 6 y2 + + 9 5 | + 3

Answered: 1 week ago

Question

★★★★★
3. Increase persistence. When we have a clear goal, we are less likely to give up until we reach the goal: Hard goals demand effort, and tight deadlines lead to faster work.

Answered: 1 week ago

Question

★★★★★
Hurricane Corporation is financed with debt, preferred equity, and common equity with market values of $20 million, $10 million, and $30 million, respectively. The betas for the debt, preferred...

Answered: 1 week ago

Question

★★★★★
QSO 345 Project Charter and Stakeholder Management Plan Template Scenario: You are the project manager responsible for one of the projects in the overarching CIMS project program portfolio, and you...

Answered: 1 week ago

Question

★★★★★
Convert the point (I, y, 2) -(-b, 4. 4) to spherical coordinates. Give answers as positive values, either as expressions, or decimals to one decimal place. ( p, A, d) ) = Question Help: DVideo...

Answered: 1 week ago

Question

★★★★★
What do you find wrong with Connair's controls? (10) 2. Are there any other techniques or approaches to control that you would suggest? (10

Answered: 1 week ago

Question

★★★★★
15.Mr Bala conducted a study to see how long his students spend on their phones in minutes to do a specific DESMOS graphing problem. Time 3 4 5 6 7 8 9 Frequency 2 3 4 5 5 61 a. Based on the...

Answered: 1 week ago

Question

★★★★★
The average distance that can be traveled with 1 liter of gasoline from the motorbike under investigation is 38 km with a standard deviation of 6 km. If the distance traveled is normally distributed:...

Answered: 1 week ago

Question

★★★★★
Two alternative pieces of municipal solid waste bailing equipment are being considered for a project with a design life of 1 2 yr . Alternative 1 has a capital cost of $ 9 6 0 0 , zero salvage value,...

Answered: 1 week ago

Question

★★★★★
1. Here is the 95% confidence interval estimate of the proportion of female medical school students: 0.449 Answered: 1 week ago

Answered: 1 week ago

Question

★★★★★
2. In this chapter, the reader should reflect on the following concepts: Social facts, concrete fallacy, constructs, overestimation error.

Answered: 1 week ago

Question

★★★★★
1. Explain the following statements: a) Objective reality is always subjectively interpreted. b) What we know depends on whom we got to know it from.

Answered: 1 week ago

Question

★★★★★
4. Give examples from your everyday life where the process affects the result, but where the result also affects the process.

Answered: 1 week ago

Previous Question Next Question