There are two shows on Netflix that Jeff can watch, Show 1 and Show 2. Where x₁ measures the number of episodes watched of Show 1 and x₂ measures the number of episodes watched of Show 2, Jeff's preferences can be represented by u(x₁, x₂) = x + ax. Jeff has 8 hours available for watching Netflix today. Each episode of Show 1 lasts 30 minutes, while each episode of Show 2 lasts one hour. Draw an indifference curve for Jeff, then answer the following questions. If rounding is needed, please round to 3 decimal places. a) When a = 2, Jeff optimally watches episodes of Show 1..... (fill in the blank) b) ... and he watches episodes of Show 2. (fill in the blank) c) When a = 6, Jeff optimally watches. episodes of Show 1..... (fill in the blank) d) ... and he watches. episodes of Show 2. (fill in the blank)

There are two shows on Netflix that Jeff can watch, Show 1 and Show 2. Where x₁ measures the number of episodes watched of Show 1 and x₂ measures the number of episodes watched of Show 2, Jeff's preferences can be represented by u(x₁, x₂) = x + ax. Jeff has 8 hours available for watching Netflix today. Each episode of Show 1 lasts 30 minutes, while each episode of Show 2 lasts one hour. Draw an indifference curve for Jeff, then answer the following questions. If rounding is needed, please round to 3 decimal places. a) When a = 2, Jeff optimally watches episodes of Show 1..... (fill in the blank) b) ... and he watches episodes of Show 2. (fill in the blank) c) When a = 6, Jeff optimally watches. episodes of Show 1..... (fill in the blank) d) ... and he watches. episodes of Show 2. (fill in the blank)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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