Exam (elaborations)

ECS3708 ASSEMMENT 2 SEMESTER 1 2024 Suppose that the consumer’s weekly utility function for consumption (C) and leisure (L) is explained by: U(C,L)=(C-200)(L-80) Assuming that there are 168 hours in a week available to allocate between work and leisure.

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Course
Applied Microeconomics - ECS3708 (ECS3708)

Institution
University Of South Africa (Unisa)

Book
Intermediate Microeconomic Theory

ECS3708 ASSEMMENT 2 SEMESTER 1 2024 Suppose that the consumer’s weekly utility function for consumption (C) and leisure (L) is explained by: U(C,L)=(C-200)(L-80) Assuming that there are 168 hours in a week available to allocate between work and leisure. If you earn R5 per hour and you also ...

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Uploaded on May 9, 2024
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Type Exam (elaborations)
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ecs3708 assemment 2 semester 1 2024

Book Title:Intermediate Microeconomic Theory

Author(s):Ana Espinola-Arredondo, Felix Munoz-Garcia

Edition:2020
ISBN:9780262359443
Edition:Unknown

Institution
University of South Africa (Unisa)
Course
Applied Microeconomics - ECS3708 (ECS3708)

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BMZ ACADEMY

BMZ ACADEMY

@061 262 1185/068 053 8213/0717 513 144

BMZ ACADEMY 061 262 1185/068 053 8213/0717 513 144

, ECS3708/ASSIGNMENT 3/2024

Assignment 03 Semester 01

Applied Microeconomics

ECS3708

Semester 1

Department of Economics

This tutorial letter contains Assignment 3 Questions.

, BMZ ACADEMY

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Question 1
(20)

Suppose that the consumer’s weekly utility function for consumption (C) and
leisure (L) is explained by:

𝑈(𝐶, 𝐿) = (𝐶 − 200)(𝐿 − 80)

Assuming that there are 168 hours in a week available to allocate between
work and leisure. If you earn R5 per hour and you also receive a social grant
of R350 each week.

(a) Find the marginal utility of leisure
(3)

MUL = UIL

BMZ ACADEMY 061 262 1185/068 053 8213/0717 513 144
Page 3 of 19

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Exam (elaborations)

ECS3708 ASSEMMENT 2 SEMESTER 1 2024 Suppose that the consumer’s weekly utility function for consumption (C) and leisure (L) is explained by: U(C,L)=(C-200)(L-80) Assuming that there are 168 hours in a week available to allocate between work and leisure.

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