leisure and income could increase utility by:
16. An individual whose MRS L,Y exceeds the wage at her current combination of leisure and income could increase utility by:
a. working more hours c. increasing her income
b. working fewer hours d. none of the above; her utility is maximize
Questions 17 – 20 refer to the following diagram
0 15 16 17 24 Leisure
17. Considering the two budget lines in the diagram, if the person’s optimal number of hours worked is seven hours, then the wage rate must be:
a. $10 c. $240
b. $192 d. cannot be determined
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