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Unformatted text preview: 5 400 140 6 412 150 hot wheels toy dinosaurs a) Fill in the marginal utility (MU) from each additional hour of windsurfing and snorkeling on the table above b) Suppose Max has a $35 budget and unlimited leisure time. Windsurfing is $10/hour and snorkeling is $5/hour. In order to maximize his total utility, how much time does Max spend on windsurfing and snorkeling? Show your work. (HINT try different combination within his budget, using the MU/$ rule) 3. Use the table below to answer the following questions. # of Workers per day Total Product Marginal Product Average Product 1 4 2 6 3 18 4 22 5 2 6 22 a) Fill in the table above. b) At what point (number of workers) does the firm experience diminishing returns? Explain....
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This note was uploaded on 01/22/2012 for the course ECO 101 taught by Professor Laniga during the Fall '08 term at SUNY Oswego.
- Fall '08