Utility function of a consumer for playing football every week is given as U(t) = 11t-2t^2 where t is measured in hours and rent of playing football on a court is $2.5 per hour. Explain with a diagram showing relationship between the budget of the consumer and number of hours in order to maximise his consumer surpl
Utility function of a consumer for playing football every week is given as U(t) = 11t-2t^2 where t is measured in hours and rent of playing football on a court is $2.5 per hour. Explain with a diagram showing relationship between the budget of the consumer and number of hours in order to maximise his consumer surpl
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 25SQ
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Utility function of a consumer for playing football every week is given as
U(t) = 11t-2t^2
where t is measured in hours and rent of playing football on a court is $2.5 per hour.
Explain with a diagram showing relationship between the budget of the consumer and number of hours in order to maximise his consumer surplus.
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