Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 398 Weeks Ago, 1 Day Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 26 Oct 2017 My Price 7.00

windsurfing equipment

If Max’s income increases from $35 to $55 a day, how does his demand for windsurfing equipment change? Is windsurfing a normal good? Explain.

Problem 3.

Max has $35 a day to spend on windsurfing and snorkelling and he can spend as much time as he likes doing them. The price of renting equipment for windsurfing is $10 an hour and for snorkelling is $5 an hour. The table shows the total utility Max gets from each activity.

Calculate Max’s marginal utility from windsurfing at each number of hours per day. Does Max’s marginal utility from windsurfing obey the principle of diminishing marginal utility?

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Oct 2017 02:10 PM My Price 7.00

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