Suppose Sky would like to spend Php 1000 to rent the badminton court (C) and study area (S) on a weekend. An hour on badminton court (C) costs Php 100 while the hourly rate on study area (S) is Php 150. Furthermore, he determined that his preference between badminton court (C) and study area (S) can be represented by the following utility function: U=C2S If he has to spend all of h is money on these, he will rent some hours on the badminton court (C) I Select] v times that of study area (S). This means that he will rent [Select] v hours on C and [ Select ] hours on S. This gives him an initial optimal utility equal to [ Select ]

Suppose Sky would like to spend Php 1000 to rent the badminton court (C) and study area (S) on a weekend. An hour on badminton court (C) costs Php 100 while the hourly rate on study area (S) is Php 150. Furthermore, he determined that his preference between badminton court (C) and study area (S) can be represented by the following utility function: U=C2S If he has to spend all of h is money on these, he will rent some hours on the badminton court (C) I Select] v times that of study area (S). This means that he will rent [Select] v hours on C and [ Select ] hours on S. This gives him an initial optimal utility equal to [ Select ]

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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