5. Max has $35 a day to spend on windsurfingand snorkeling and he can spend as muchtime as he likes doing them. The price ofrenting equipment for windsurfing is $10 anhour and for snorkeling is $5 an hour. Thetable shows the total utility Max gets fromeach activity.a Calculate Max's marginal utility fromwindsurfing at each number of hours perday. Does Max's marginal utility fromwindsurfing obey the principle ofHours perday1234C.56Total utilityfromwindsurfing120220300360396412422Total utilityfromsnorkeling4076106128140150158diminishing marginal utility?b. Calculate Max's marginal utility from snorkeling at each number of hours per day. DoesMax'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?

Consumer theory is the study of how people allocate their money and available monetary income based…

5. Max has $35 a day to spend on windsurfing and snorkeling and he can spend as much time as he likes doing them. 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. Hours per day 1 2 3 4 5 Total utility from windsurfing 120 220 7 300 360 396 412 422 Total utility from snorkeling 40 76 106 128 140 150 158. a Calculate 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? b. Calculate 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? c. Which does Max enjoy more: his 6th hour of windsurfing or his 6th hour of snorkeling?

5. Max has $35 a day to spend on windsurfing and snorkeling and he can spend as much time as he likes doing them. 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. Hours per day 1 2 3 4 5 Total utility from windsurfing 120 220 7 300 360 396 412 422 Total utility from snorkeling 40 76 106 128 140 150 158. a Calculate 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? b. Calculate 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? c. Which does Max enjoy more: his 6th hour of windsurfing or his 6th hour of snorkeling?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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