Maurice Tutor

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Teaching Since: May 2017
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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 28 Jan 2018 My Price 8.00

Max’s marginal utility

Add two columns to your table in Problem 6 and list Max’s marginal utility per dollar from windsurfing and from snorkelling.

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?

Problem 6

Make a table of the combinations of hours spent windsurfing and snorkelling that Max can afford. 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 28 Jan 2018 10:01 PM My Price 8.00

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