Exam (elaborations)
ECS3708 Assignment 03 semester 1 2024
- Course
- Institution
- Book
ECS3708 Assignment 03 semester 1 2024
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Intermediate Microeconomic Theory; ECO4010 final exam review questions with verified solutions
-
ECS3708 ASSEMMENT 2 SEMESTER 1 2024 Suppose that the consumer’s weekly utility function for consumption (C) and leisure (L) is explained by: U(C,L)=(C-200)(L-80) Assuming that there are 168 hours ...
Seller
Follow
BMZAcademy
Reviews received
Content preview
ECS3708/ASSIGNMENT 3/2024Assignment 03 Semester 01
Applied Microeconomics
ECS3708
Semester 1
Department of Economics
This tutorial letter contains Assignment 3 Questions.
, ECS3708 Assignment 03
BARCODE
Question 1 (20)
Suppose that the consumer’s weekly utility function for consumption (C) and leisure (L)
is explained by:
𝑈(𝐶, 𝐿) = (𝐶 − 200)(𝐿 − 80)
Assuming that there are 168 hours in a week available to allocate between work and
leisure. If you earn R5 per hour and you also receive a social grant of R350 each week.
(a) Find the marginal utility of leisure (3)
MUL = UIL
U = CL – 80C – 200L + 16000
MUL = UIL = C – 200
(b) Find the marginal utility of consumption (3)
MUc = UIc
U = CL – 80C – 200L + 16000
For help contact 061 262 1185/068 053 8213/0717 513 144 2
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BMZAcademy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.85. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now