Multiple Choice
Dudley, 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 $15 per day and is paid a wage of $8 per hour, how many hours of leisure will he choose per day?
A) 5
B) 6
C) 7
D) 9
E) 8
Correct Answer:
Verified
Correct Answer:
Verified
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