Multiple Choice
Dudley, in Problem 15, has a utility function U(C, R) = C - (12 - R) 2, where R is leisure and C is consumption per day. He has 16 hours per day to divide between work and leisure. If Dudley has a nonlabor income of $10 per day and is paid a wage of $4 per hour, how many hours of leisure will he choose per day?
A) 7
B) 8
C) 11
D) 9
E) 10
Correct Answer:
Verified
Correct Answer:
Verified
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