ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Form Utility
The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as…
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YOU HAVE TO DRAW A DIAGRAM TO PROVE THESE ANSWERS IT CANT ONLY BE WRITTEN .YOU HAVE TO INCLUDE DIAGRAMS ALSO


 
6. Consider Alexei's optimal choice of free time and grades, below: 100 90 80 Final grade 70 60 50 40 30 20 10 0 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Hours of study per day Study hours 0 1 2 3 4 5 Grade 6 7 8 9 10 11 12 13 14 15 or more 0 20 33 42 50 57 63 69 74 78 81 84 86 88 89 90 a. Show the optimum using indifference curves and a feasible set diagram. b. Show how this optimum might change if Alexei's indifference curves were (i) shallower, and (ii) steeper. c. How would you interpret these changes in gradient? What do they suggest about Alexei's preferences?
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Transcribed Image Text:6. Consider Alexei's optimal choice of free time and grades, below: 100 90 80 Final grade 70 60 50 40 30 20 10 0 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Hours of study per day Study hours 0 1 2 3 4 5 Grade 6 7 8 9 10 11 12 13 14 15 or more 0 20 33 42 50 57 63 69 74 78 81 84 86 88 89 90 a. Show the optimum using indifference curves and a feasible set diagram. b. Show how this optimum might change if Alexei's indifference curves were (i) shallower, and (ii) steeper. c. How would you interpret these changes in gradient? What do they suggest about Alexei's preferences?
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