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ECS3708 Assignment NUMBER 3 (254771) 2024 SEMESTER 1
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ECS3708 Assignment NUMBER 3 (254771) 2024 SEMESTER 1
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ECS3708/ASSIGNMENT 3/2024Assignment 03 Semester 01
Applied Microeconomics
ECS3708
Semester 1
Department of Economics
This tutorial letter contains Assignment 3 Questions.
, ECS3708 Assignment 03
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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
U = CL – 80C – 200L + 16000
MUL = UIL = C – 200
(b) Find the marginal utility of consumption (3)
MUc = UIc
U = CL – 80C – 200L + 16000
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