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In: Economics

Chris is very athletic. He enjoy taking classes at the John Wooden Center. His favorite two...

Chris is very athletic. He enjoy taking classes at the John Wooden Center. His favorite two classes are yoga (Y ) and tennis (T). The cost of one class is 4 dollars, and Chris has 64 dollars to spend on classes. His preferences can be represented by the following utility function: U (Y, T) = Y^(1/3)T

(a) How many classes of yoga and tennis he will take?

(b) Now suppose that taking classes is free, but Chris needs to study hard and has only 24 hours to do sports. A yoga class lasts 2 hours and a tennis class lasts 1 hour. How should he reassign the number of classes he takes in order to maximize his utility?

(c) Which does Chucky prefer, being subject to the money constraint or being subject to the time constraint?

Solutions

Expert Solution

Rahul Sunny answered 1 year ago
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