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Indifference curve: The following indifference curve represents Mary's preference on market goods ...
Indifference curve: The following indifference curve represents Mary's preference on market goods and nonmarket time. Please answer the questions below. a. If the combination of 7 hours of nonmarket time and $50 of market goods generates a utility level of 100 utils for Mary, what is her utility level when she enjoys 8 hours of nonmarket time and $30 of market goods? b. Suppose currently Mary enjoys 7 hours of nonmarket time. How much market goods is Mary willing to give up for an additional hour of nonmarket time?