Bob is awake for 15 hours a day and divides that time, Business Economics

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Bob is awake for 15 hours a day and divides that time

Bob is awake for 15 hours a day and divides that time between hours of exercise, x, and hours of study, s. Bob’s preferences are represented by the following utility function

u(x,s) = 2 ln x + s

1. What is Bob's time "budget constraint"?

2. What is Bob's marginal utility of exercise?

3. What is Bob's marginal utility of study?

4. What are Bob's optimal choices of x and s?

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Business Economics: Bob is awake for 15 hours a day and divides that time

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Business Economics: Bob is awake for 15 hours a day and divides that time

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