Max's Marginal Benefit from the Qth hour he spends skiing, expressed in dollars, is given by MB(Q)=28-Q. Every hour he spends skiing he gives up the chance to work for $23 an hour. How many hours does Max choose to ski for? Enter a number only. 5 1.22

Max's Marginal Benefit from the Qth hour he spends skiing, expressed in dollars, is given by MB(Q)=28-Q. Every hour he spends skiing he gives up the chance to work for $23 an hour. How many hours does Max choose to ski for? Enter a number only. 5 1.22

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Stuck on question for hours. Question in Image attachment. Thanks for your help :)

Max's Marginal Benefit from the Qth hour he spends skiing, expressed in dollars, is given by
MB(Q)=28-Q. Every hour he spends skiing he gives up the chance to work for $23 an hour. How
many hours does Max choose to ski for? Enter a number only.
1.22
Max's Marginal cost of the extra hour spent skiing is the wage he gives up by choosing to ski
instead, i.w. $w. He finds his optimal hours spent skiing by setting w=MB(Q) and solving for
Q.

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Step 1: Define marginal benefit and opportunity cost

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Step 2: Compute how many hours Person M chooses to ski for

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