MrCog Has 18 Hours Per Day to Divide Between Labor

question 24

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 5 dollars of nonlabor income per day and gets a wage rate of 11 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)C = 203 + 11R.
• B)R + C/11 = 269.
• C)11R + C = 5.
• D)11R + C = 203.
• E)C = 218 + 11R.

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