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Bob is awake for 15 hours a day and divides that time between hours of exercise, x, and hours of study, s. Bob s preferences are represented bythe following utility function u(x, s) = 2 ln x + s. (i)

Bob is awake for 15 hours a day and divides that time between hours of exercise, x, and hours of study, s. Bob’s preferences are represented bythe…

Bob is awake for 15 hours a day and divides that time between hours of exercise, x, and hours of study, s. Bob’s preferences are represented bythe following utility functionu(x, s) = 2 ln x + s.(i) What is Bob’s time “budget constraint”?(ii) What is Bob’s marginal utility of exercise?(iii) What is Bob’s marginal utility of study?(iv) What are Bob’s optimal choices of x and s?*** Short answer question! no need an essay for these questions

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