Assume that Rodney is a graduate student in d dept of econs. He divides his...

Assume that Rodney is a graduate student in d dept of econs. He divides his time btw working on his research thesis and teaching math for econs. However he is paid #80 per hr for teaching. His utility function for earning #Y and spending "S" hrs on studying is given as U(Y, S)=Y^1/4 S^3/4
The total hours available to him to teach and study in a week is 100 hours
A) how much does he earn every week
B)how should he divide his time btw research and teaching so as to maximize his utility
C) what is the opportunity cost ie in monetary terms of the time rodney uses to do his research?

In Economics
1 Answers Available
Asked by okolokarina@gmail.com on 18th May, 2018