MrCog Has 18 Hours Per Day to Divide Between Labor

question 72

Multiple Choice

Mr.Cog has 18 hours per day to divide between labor and leisure.His utility function is U(C, R) = CR, where C is dollars per year spent on consumption and R is hours of leisure.If he has 19 dollars of nonlabor income per day and gets a wage rate of 15 dollars per hour when he works, his budget equation, expressing combinations of consumption and leisure that he can afford to have, can be written as

• A)15R + C = 19.
• B)15R + C = 289.
• C)R + C/15 = 379.
• D)C =289 +15R.
• E)C = 346 + 15R.

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Definitions:

Need For Uniqueness

The drive to stand out or be distinguished from others, influencing consumer preferences and behaviors.

Neo-Freudians

A group of psychologists who expanded upon Sigmund Freud's theories, focusing more on social and cultural factors influencing personality.

Trait Theory

A psychological framework that defines personality through consistent patterns of thought, em機 and behavior known as traits.

Trait Theory

A psychological approach that attempts to categorize human personalities into broad personality traits, which are thought to be consistent and enduring over time.