What is the marginal utility of the measure of very hot days

Reference no: EM13205375

People like to earn money, but they don't like to work outdoors in the summer, due to the high heat. Suppose that the utility function is \(U(w,x)=w^{1/2}-0.5h\) , where w is the wage and h is a measure of the number of very hot days.

a. What is the marginal utility of the measure of very hot days, h?

b. Suppose that Sacramento has h=3 and San Francisco has h=1. If people can earn w=10 in San Francisco, then how much must someone earn in Sacramento in order to consider working in Sacramento, all else the same?

Reference no: EM13205375

Questions Cloud

What is the effect of the new technology on the society : the effect of new technology on consumers is that it makes life easier for society. Cell phones have become miniature computers that can do just about anything we want now. Our cell phone for the past few years have a lot more processing power tha..

Find the area of the largest rectangle that can be inscribed : Find the area of the largest rectangle that can be inscribed in the ellipse below.

How much should the year end payments be : Assuming that this account pays ^% interest, how much should the year end payments be?

What are the expected net operating cash flows per year : What is the beta of J Corp's stock and using the CAPM model, what is the expected rate of return on J Corp. stock for the coming year?

What is the marginal utility of the measure of very hot days : People like to earn money, but they don't like to work outdoors in the summer, due to the high heat. Suppose that the utility function is \(U(w,x)=w^{1/2}-0.5h\) , where w is the wage and h is a measure of the number of very hot days.

Explain concentration was dissolved in hcl and dilute : concentration was dissolved in HCl and diluted to 100.0 mL. Aliquots of 10.00 mL of this unknown solution were added to different volumes of a 2.08 ÃŽ¼g/mL Ca standard solution and diluted to 200.0 mL. Find the weight percent of Ca in the rock sam..

Compute the change in ph : Calculate the change in pH to 0.01 pH units caused by adding 10. mL of 2.63-M NaOH is added to 440. mL of each of the following

Find the number of elements in the set : Let A and B be subsets of a universal set U and suppose n(U) = 360, n(A) = 140, n(B) = 70, and n(A B) = 40. Find the number of elements in the set.

Find the rate at which the water is leaking out : find the rate at which the water is leaking out if the water level is falling at the rate of 0.1 meter per hour.

User Account

All Pages