Suppose You Are Considering Volunteering Some of Your Time at the Student

question 13

Essay

Suppose you are considering volunteering some of your time at the student government car wash fundraiser. You compute your utility schedule as follows: $$\begin{array} { | c | c | } \hline \text { Hour \# } & \text { TU } \\\hline 0 & 0 \\\hline 1 & 40 \\\hline 2 & 70 \\\hline 3 & 94 \\\hline 4 & 100 \\\hline 5 & 94 \\\hline\end{array}$$ Now suppose you discover the person you've been dying to go out with is going to work for five hours at the car wash.
(a) How will this change your utility schedule?
(b) How will this change your decision to volunteer?
(c) How do your answers to (a) and (b) relate to the law of supply? Explain.

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Definitions:

Resellers

Retailers and wholesalers that buy finished goods and resell them for a profit.

Product Life Cycle

The phases a product experiences starting from its creation and launch into the market, followed by its growth, peak, and finally its reduction in popularity and sales.

Promotion

The activities designed to inform, persuade, or remind target audiences about a product, service, or brand.

High-Learning Products

Products that take longer for consumers to see the benefits of or that do not have a good infrastructure in place to support them.