I only spend time hiking (H) and sleeping (S). For every hour I hike I need...

I only spend time hiking (H) and sleeping (S). For every hour I hike I need three hours of sleep or that time hiking gives me no pleasure. Extra sleep (additional to that) doesn’t make me any happier.

1) Graph 2+ indifference curves

2) Write an equation that could represent the utility function

3) For that utility function, what is the marginal utility for each good?

4) What is the MRS? Do these preferences represent diminishing MRS?

Expert Solution

Rahul Sunny answered 6 months ago

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