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(a) On a sheet of paper, or using a calculator or other technology, graph the three indifference curves. (You will need these to answer part (d) of this problem.) (b) You have 95 hours a week available for work and leisure combined, and you earn $21.45/hour. Write an equation in terms of 7 and 8 which represents this constraint. constraint: 21.4595-1

(a) On a sheet of paper, or using a calculator or other technology, graph the three indifference curves. (You will need these to answer part (d) of this problem.) (b) You have 95 hours a week available for work and leisure combined, and you earn $21.45/hour. Write an equation in terms of 7 and 8 which represents this constraint. constraint: 21.4595-1

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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(a) On a sheet of paper, or using a calculator or other technology, graph the three indifference curves. (You will need these to answer part (d) of this problem.) (b) You have 95 hours a week available for work and leisure combined, and you earn $21.45/hour. Write an equation in terms of 1 and s which represents this constraint. constraint: s 21.4595-1 A (c) Graph this constraint with your graph of the indifference curves. (d) Estimate from the graph what combination of leisure hours and income you would choose under these circumstances. leisure hours = 60 weekly income = 750 What is the corresponding number of hours per week you would work? work hours = 35
Transcribed Image Text:(a) On a sheet of paper, or using a calculator or other technology, graph the three indifference curves. (You will need these to answer part (d) of this problem.) (b) You have 95 hours a week available for work and leisure combined, and you earn $21.45/hour. Write an equation in terms of 1 and s which represents this constraint. constraint: s 21.4595-1 A (c) Graph this constraint with your graph of the indifference curves. (d) Estimate from the graph what combination of leisure hours and income you would choose under these circumstances. leisure hours = 60 weekly income = 750 What is the corresponding number of hours per week you would work? work hours = 35
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