1. Bob needs to decide whether to go home or go to the library. At home, his menu is H = {a,b,c} where a is study, b is watch TV, and c is surf the Internet. In the library, his menu is L = {a,c}. Let u(a) = 10, u(b) = 0, u(c) = 2 and v(a) = 0, v(b) = 8 and v(c) = 4. Then the multi-self model implies that (A) Bob will go to the library and surf the Internet there; (B) Bob will go to the library and study there; (C) Bob will go home and study; (D) Bob will go home and watch TV.

1. Bob needs to decide whether to go home or go to the library. At home, his menu is H = {a,b,c} where a is study, b is watch TV, and c is surf the Internet. In the library, his menu is L = {a,c}. Let u(a) = 10, u(b) = 0, u(c) = 2 and v(a) = 0, v(b) = 8 and v(c) = 4. Then the multi-self model implies that (A) Bob will go to the library and surf the Internet there; (B) Bob will go to the library and study there; (C) Bob will go home and study; (D) Bob will go home and watch TV.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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