Willy is also a graduate student who spends his 24 hours on the same three tasks. The following table shows his marginal net benefit (i.e., the marginal benefit of a given hour net of costs): 1st (hour) 2nd 3rd 4th 5th 6th 7th 8th gth Research (in $) Sleep (in $) Teach (in $) 80 75 70 70 65 65 60 33 30 25 25 20 20 10 5 2 60 40 35 30 20 10 2 Willy maximizes his daily total net benefit. (i) On a given day, how many hours will Willy spend in each task? (ii) What is Willy's optimal daily total net benefit?

Willy is also a graduate student who spends his 24 hours on the same three tasks. The following table shows his marginal net benefit (i.e., the marginal benefit of a given hour net of costs): 1st (hour) 2nd 3rd 4th 5th 6th 7th 8th gth Research (in $) Sleep (in $) Teach (in $) 80 75 70 70 65 65 60 33 30 25 25 20 20 10 5 2 60 40 35 30 20 10 2 Willy maximizes his daily total net benefit. (i) On a given day, how many hours will Willy spend in each task? (ii) What is Willy's optimal daily total net benefit?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 42P: A small company that shovels sidewalks and driveways has 100 homes signed up for its services this...

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