Terry attends college and works part-time in a drug store. She can work up to 40 hours each week and is paid $9 per hour. The following table shows her utility from different levels of leisure and income. Hours of Total Utility Marginal Utility of Work Total Utility Marginal Utility from Income Leisure from Leisure Hours from Income Leisure Income 5 18 18 5 45 35 35 10 34 16 10 90 59 24 15 48 14 15 135 77 18 20 56 20 180 86 9 25 60 4 25 225 92 6. 30 65 5 30 270 98 6 35 69 4 35 315 103 40 72 3 40 360 107 4.
Terry attends college and works part-time in a drug store. She can work up to 40 hours each week and is paid $9 per hour. The following table shows her utility from different levels of leisure and income. Hours of Total Utility Marginal Utility of Work Total Utility Marginal Utility from Income Leisure from Leisure Hours from Income Leisure Income 5 18 18 5 45 35 35 10 34 16 10 90 59 24 15 48 14 15 135 77 18 20 56 20 180 86 9 25 60 4 25 225 92 6. 30 65 5 30 270 98 6 35 69 4 35 315 103 40 72 3 40 360 107 4.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
1. What will be her total utility from both leisure and income when working 10 hours per week?
2. Does it make sense from the perspective of utility for Terry to decrease her work hours? (Think about the total utility calculations.). Why or Why not?
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Assignment 5.1 Utility Analysis
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Terry attends college and works part-time in a drug store. She can work up to 40 hours each
week and is paid $9 per hour. The following table shows her utility from different levels of
leisure and income.
Hours of
Total Utility
Total Utility
Marginal
Utility of
Work
Marginal
Utility from
Income
Leisure
from Leisure
Hours
from Income
Leisure
Income
18
18
5
45
35
35
10
34
16
10
90
59
24
15
48
14
15
135
77
18
20
56
8
20
180
86
25
60
4
25
225
92
6
30
65
5
30
270
98
6
35
69
35
315
103
5
40
72
3
40
360
107
4
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