Ding Ding is a cat philosopher. He spends his time on two activities. Sleep and thinking. Both activities produce pleasure to Ding Ding. How effective Ding Ding is in each activity varies day by day. But on a given day, if he spend “s” effective hours in sleeping and “t” effective hours in thinking, his utility is u(s,t)=s^2+t. you can assume that time is continuous in answering the following question. (A) Let us first ignore that there are only 24 hours each day. Label “s” on the x-axis and “t” on the y-axis in a diagram. Draw two indifference curves u(s,t)=s^2+t=24^2=576, and u(s,t)= s^2+t=12^2=144. On each indifference curve, you have to mark at least the coordinates of four points to illustrate the shape of it. (B) Describe in words how these two indifference curves in (a) relate to each other.
Ding Ding is a cat philosopher. He spends his time on two activities. Sleep and thinking. Both activities produce pleasure to Ding Ding. How effective Ding Ding is in each activity varies day by day. But on a given day, if he spend “s” effective hours in sleeping and “t” effective hours in thinking, his utility is u(s,t)=s^2+t. you can assume that time is continuous in answering the following question.
(A) Let us first ignore that there are only 24 hours each day. Label “s” on the x-axis and “t” on the y-axis in a diagram. Draw two indifference curves u(s,t)=s^2+t=24^2=576, and u(s,t)= s^2+t=12^2=144. On each indifference curve, you have to mark at least the coordinates of four points to illustrate the shape of it.
(B) Describe in words how these two indifference curves in (a) relate to each other.
Step by step
Solved in 4 steps with 5 images
