Dudley, Has a Utility Function U(C, R)=C - (12 -

question 4

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

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Definitions:

Projective Tests

Psychological assessments that use ambiguous stimuli to elicit responses that may reveal facets of an individual's personality.

Free Association

A psychological method where a patient speaks freely to reveal the unconscious thoughts and emotions that shape behaviors.

Archetypes

Universally recognized symbols or patterns in the human psyche recurring across cultures and literature, often manifesting in dreams, fantasies, and behaviors.

Archetypes

Universally recognized symbols or patterns of behavior that are instinctively understood by all humans, often used in analyzing myths and storytelling.