Question 6 Consider Angela who currently works as a data scientist with machine learning expertise. Recently, she was offered a job by Bruno’s firm. The job offer includes a higher salary than her current job and the freedom to choose the number of work hours per day. But Angela is also an amateur musician who desperately dreams of becoming a professional one day. This motivates her to practice music as much as possible, which makes her value her free time very much. Using the model of individual choice, and assuming Angela accepts the job offer, graphically illustrate the impact on her choice of free time and consumption. Fully label your diagram. Note that there are no actual numbers given in this question: you may make them up or simply use appropriate notations. Explain specifically its impact on the following: Angela’s choice of free time Angela’s consumption level Angela’s utility level

Question 6 Consider Angela who currently works as a data scientist with machine learning expertise. Recently, she was offered a job by Bruno’s firm. The job offer includes a higher salary than her current job and the freedom to choose the number of work hours per day. But Angela is also an amateur musician who desperately dreams of becoming a professional one day. This motivates her to practice music as much as possible, which makes her value her free time very much. Using the model of individual choice, and assuming Angela accepts the job offer, graphically illustrate the impact on her choice of free time and consumption. Fully label your diagram. Note that there are no actual numbers given in this question: you may make them up or simply use appropriate notations. Explain specifically its impact on the following: Angela’s choice of free time Angela’s consumption level Angela’s utility level

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter17: Making Decisions With Uncertainty

Section: Chapter Questions

Problem 17.6IP

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