Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Microeconomics Expert

Economics


Home >> Microeconomics

Max enjoys windsurfing and snorkeling. Max has $35 a day to spend, and he can spend as much time as he likes on his leisure pursuits. The price of renting equipment for windsurfing is $10 an hour and for snorkeling is $5 an hour. The table shows the total utility Max gets from each activity.
Total Total
Hours utility from utility from
per day windsurfing snorkeling
1 120 40
2 220 76
3 300 106
4 360 128
5 396 140
6 412 150
7 422 158

find out Max's marginal utility from windsurfing at each number of hours per day. Does Max's marginal utility from windsurfing obey the principle of diminishing marginal utility?

find out Max's marginal utility from snorkeling at each number of hours per day. Does Max's marginal utility from snorkeling obey the principle of diminishing marginal utility?

Which does Max enjoy more: his 6th hour of windsurfing or his 6th hour of snorkeling?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M940949
  • Price:- $20

Guranteed 24 Hours Delivery, In Price:- $20

Have any Question?


Related Questions in Microeconomics

Question imagine you are a stakeholder for a non-profit

Question: Imagine you are a stakeholder for a non-profit health care organization. As a leader you are responsible for modeling ethical behavior and have the ability to encourage patient safety initiatives. Write a 1,050 ...

Question a company bought a 65000 construction equipment

Question: A company bought a $65,000 construction equipment (5-year class). What is the MACRS depreciation for year 4? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow ...

Question the demand for skilled workers in the united

Question: The demand for skilled workers in the United States has been increasing. To increase the supply of skilled workers, many argue that immigration reform to allow more skilled labor into the United States is neede ...

Question with the introduction of new technology it becomes

Question: With the introduction of new technology, it becomes easy to purchase items without the use of direct money. How do you think the introduction of this new technology affects the amount of currency in the economy ...

Question perform hypothesis tests for the followingyou love

Question: Perform hypothesis tests for the following: You love donuts. You love them so that you decide to perform a study on the average diameter of donuts. You found that the average round donut size in the entire city ...

Question an engineer is thinking of starting a part-time

Question: An engineer is thinking of starting a part-time consulting business next September 5,on his 40 birthday. He expects the business will require an initial cash outlay of $5000, to come from is savings, and will c ...

Question during the 1990s the age cohort that grew the most

Question: During the 1990s, the age cohort that grew the most rapidly was the 45-54 cohort, which has the highest saving rate. Yet during that same period, the personal saving rate as reported by the BEA declined sharply ...

Question suppose that a consumer has income y in the

Question: Suppose that a consumer has income y in the current period and income y' in the future and faces proportional taxes on income in both periods. That is, the consumer pays a tax ty in the current period and t'y'i ...

Quesiton examine samuel huntingtons definition of

Quesiton: Examine Samuel Huntington's definition of revolution as quoted by Howard Handelman. Does generally known as the "American Revolution"qualify as a political revolution according to this definition? Why? Why not? ...

Question john is planning on repaying a debt of 25000 with

Question: John is planning on repaying a debt of $25,000 with a quarterly payment $1,200 for the next 23 quarters and a final payment of "X" dollars at the end of 24-th quarter. If the interest rate is 12% per year, comp ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As

Follow Us

© Copyright 2013-14 mywordsolution.com All rights reserved