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28 Sep 2019
Mr. Dilatoriness has a Ph.D. in economics, but is happily unemployed; he spends most of his time reading classical literature, art, and philosophy. He gets $3000 a week from his parents. His parents being tired of his indolence, decide to cut down his weekly payment by 33.33% and ask him to join the family business at a wage rate of $20 an hour. Construct an income-leisure diagram showing Mr. Dilatoriness's situation before and after. Under what circumstances would Mr. Dilatoriness maximize his utility? (Evaluate all possible income-leisure combinations under both scenarios)
Mr. Dilatoriness has a Ph.D. in economics, but is happily unemployed; he spends most of his time reading classical literature, art, and philosophy. He gets $3000 a week from his parents. His parents being tired of his indolence, decide to cut down his weekly payment by 33.33% and ask him to join the family business at a wage rate of $20 an hour. Construct an income-leisure diagram showing Mr. Dilatoriness's situation before and after. Under what circumstances would Mr. Dilatoriness maximize his utility? (Evaluate all possible income-leisure combinations under both scenarios)
Joshua StredderLv10
28 Sep 2019
