REC101 Lecture Notes - Lecture 2: Peak Oil
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16 Oct 2011
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Terry attends college and works a part-time job in a drug store. She can work up to 40 hours each week and is paid $9 per hour. The table below shows her utility from different levels of leisure and income. If Terry decides to work 20 hours per week, her total utility from both leisure and income would be:
Hours of Leisure |
Total Utility from Leisure |
Income |
Total Utility from Income |
5 |
18 |
45 |
35 |
10 |
34 |
90 |
59 |
15 |
48 |
135 |
77 |
20 |
56 |
180 |
86 |
25 |
60 |
225 |
92 |
30 |
65 |
270 |
98 |
35 |
69 |
315 |
103 |
40 |
72 |
360 |
107 |
a | 142 |
b | 115 |
c | 110 |
d | 179 |
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