Business, 06.12.2019 05:31 mydoggy152

Matt earns $16 per hour and the price of the consumption good is $2 per unit. at his current consumption bundle, matt's maginal utility of leisure is is 120 utils per extra hour of leisure and marginal utility of consumption is 10 utils per extra unit of consumption. is it possible that he is maximizing his utility?

a. yes, he could be choosing not to work and consuming his endowment bundle.
b. no, since matt's utility maximizing bundle always occurs where the slope of the budget constraint (-w/p) equals the slope of the indifference curve (mrs).
c. no, since matt would increase his utility if he increased his consumption of the consumption good and worked more.
d. both b and c are correct.

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Matt earns $16 per hour and the price of the consumption good is $2 per unit. at his current consump...

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