Homework answers / question archive / Max has $35 a day to spend on windsurfing and snorkeling and he can spend as much time as he likes doing them

Max has $35 a day to spend on windsurfing and snorkeling and he can spend as much time as he likes doing them

Economics

Share With

Max has $35 a day to spend on windsurfing and snorkeling and he can spend as much time as he likes doing them. The price of renting equipment for windsurfing is $10 an hour and for snorkeling is $5 an hour. The table shows the total utility Max gets from each activity. Total utility Hours per I day 1 2 3 4 5 6 7 Total utility from windsurfing 120 220 300 360 396 412 422 from snorkeling 40 76 106 128 140 150 158 10. Calculate Max's marginal utility from windsurfing at each number of hours per day. Does Max's marginal utility from windsurfing obey the principle of diminishing marginal utility? 11. Calculate Max's marginal utility from snorkeling at each number of hours per day. Does Max's marginal utility from snorkeling obey the principle of diminishing marginal utility?