Utility function of a consumer for playing football every week is given as U(t) = 11t-2t^2 where t is measured in hours and rent of playing football on a court is $2.5 per hour. Explain with a diagram showing relationship between the budget of the consumer and number of hours in order to maximise his consumer surpl
Utility function of a consumer for playing football every week is given as U(t) = 11t-2t^2 where t is measured in hours and rent of playing football on a court is $2.5 per hour. Explain with a diagram showing relationship between the budget of the consumer and number of hours in order to maximise his consumer surpl
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 15PAE
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Utility function of a consumer for playing football every week is given as
U(t) = 11t-2t^2
where t is measured in hours and rent of playing football on a court is $2.5 per hour.
Explain with a diagram showing relationship between the budget of the consumer and number of hours in order to maximise his consumer surplus .
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