{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T23:07:58-04:00", "answer_date": "2024-05-27 23:07:58", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1805820", "url": "\/study-help\/questions\/question-2-20-marks-assume-peters-utility-function-is-represented-1805820", "question_creation_date_js": "2024-05-27T23:07:58-04:00", "question_creation_date": "May 27, 2024 11:07 PM", "meta_title": "[Solved] Question 2 (20 Marks) Assume Peter's util | SolutionInn", "meta_description": "Answer of - Question 2 (20 Marks) Assume Peter's utility function is represented by U(t, B) = 10t+B, where t represents hours of f | SolutionInn", "meta_keywords": "question,2,20,marks,assume,peter,s,utility,function,represented,10t+,represents", "question_title_h1": " Question 2 (20 Marks) Assume Peter's utility function is represented by U(t, B) = 10t+B, where t represents hours of free time and B", "question_title": " Question 2 (20 Marks) Assume Peter's utility function is represented by", "question_title_for_js_snippet": "Question 2 (20 Marks) Assume Peter's utility function is represented by U(t, B) 10t B, where t represents hours of free time and B represents the quantity of grain consumed by Peter a) Make a rough sketch of Peter indifference map b) Calculate Peter's marginal utility of free time c) Calculate Peter's marginal utility of grain d) Calculate the marginal rate of substitution given this utility function e) What is the impact of additional grain consumption on the MRS f) What is the impact of additional free time on the MRS Why is this the case Now assume Peter's production relationship is y g(t) 102(24 t) g) Calculate the marginal rate of transformation when Peter works for 8 hours h) If Peter owns the farm, how many hours will he work per day 2 4 ", "question_description": "\"image", "transcribed_text": "Question 2 (20 Marks) Assume Peter's utility function is represented by U(t, B) = 10t+B, where t represents hours of free time and B represents the quantity of grain consumed by Peter. a) Make a rough sketch of Peter indifference map. b) Calculate Peter's marginal utility of free time. c) Calculate Peter's marginal utility of grain. d) Calculate the marginal rate of substitution given this utility function. e) What is the impact of additional grain consumption on the MRS? f) What is the impact of additional free time on the MRS? Why is this the case? Now assume Peter's production relationship is y = g(t) = 102(24-t) g) Calculate the marginal rate of transformation when Peter works for 8 hours. h) If Peter owns the farm, how many hours will he work per day? [2] [4]", "related_book": { "title": "Corporate Financial Accounting", "isbn": "1305041399, 1285078586, 978-1-133-9524, 9781133952428, 978-1305041394, 9781285078588, 1-133-95241-0, 978-1133952411", "edition": "12th edition", "authors": "Carl S. Warren, James M. Reeve, Jonathan E. Duchac", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/278.jpg", "uri": "\/textbooks\/corporate-financial-accounting-12th-edition-278", "see_more_uri": "" }, "free_related_book": { "isbn": "1618306499", "uri": "\/textbooks\/studyguide-for-introduction-to-environmental-engineering-1st-edition-9781618306494-177852", "name": "Studyguide For Introduction To Environmental Engineering", "edition": "1st Edition" }, "question_posted": "2024-05-27 23:07:58", "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/canadian-business-and-the-law\/how-does-the-winner-of-a-lawsuit-enforce-the-judgment", "description": "How does the winner of a lawsuit enforce the judgment?", "stars": 3 }, { "url": "\/comparing-stocks-and-government-bonds-which-has-more-risk-which", "description": "Comparing stocks and government bonds, which has more risk? 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