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There are two shows on Netflix that Jeff can watch, Show 1 and Show 2. Where x measures the number of episodes watched of
There are two shows on Netflix that Jeff can watch, Show 1 and Show 2. Where x measures the number of episodes watched of Show 1 and x measures the number of episodes watched of Show 2, Jeff's preferences can be represented by u(x, x) = x + ax. Jeff has 8 hours available for watching Netflix today. Each episode of Show 1 lasts 30 minutes, while each episode of Show 2 lasts one hour. Draw an indifference curve for Jeff, then answer the following questions. If rounding is needed, please round to 3 decimal places. a) When a = 2, Jeff optimally watches episodes of Show 1..... (fill in the blank) b) ... and he watches. episodes of Show 2. (fill in the blank) c) When a = 6, Jeff optimally watches_ episodes of Show 1..... (fill in the blank) d) ... and he watches episodes of Show 2. (fill in the blank)
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To draw the indifference curve for Jeffs preferences we can use the utility function ux x x ax The i...Get Instant Access to Expert-Tailored Solutions
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