hello i have these 3 questions with answers and i d like to have a detailed explanation with formula of the answers thank you
1) 6-53
Larry attends college and works part-time job in a grocery store. He can work up to 30 hours each week at his job, which pays $9 per hour. The table below shows his utility from different levels of leisure and income. Larry's utility maximizing choice is to work for:
2) 6-54
Louisa works for a hedge fund company. Her wage rate is $40 per hour. She can work up to 50 hours each week.
The table below shows her utility from different levels of leisure and income. Louisa decided to increase her hours of work from 10 to 20 hours per week. As a result, her marginal utility gain from having more income and less leisure will now be:
2) 6-54
Louisa works for a hedge fund company. Her wage rate is $40 per hour. She can work up to 50 hours each week.
The table below shows her utility from different levels of leisure and income. Louisa decided to increase her hours of work from 10 to 20 hours per week. As a result, her marginal utility gain from having more income and less leisure will now be:
