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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.R80,00
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.
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 ...
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
BARCODE
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
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