Please upload a file with your answers to the following. Micaela has 15 hours of free time each week. She can spend it p

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Please Upload A File With Your Answers To The Following Micaela Has 15 Hours Of Free Time Each Week She Can Spend It P 1 (60.7 KiB) Viewed 10 times

Please upload a file with your answers to the following. Micaela has 15 hours of free time each week. She can spend it playing video games(V) or watching Netflix(N). Her utility function is U(V, N) = V0.8 No.2 1. Draw Micaela's free time budget constraint. Hint: It may be useful to think of Video Games as the "X" good and Netflix as the "Y" good, but either answer is acceptable. (6 points) 2. For any bundle (V,N) how many hours of Netflix is Micaela willing to trade (substitute) for an extra hour of playing video games? (6 points) 3. For every hour Micaela spends watching Netflix, how many hours would she like to play video games(Hint: At the optimum we set the slope of the indifference curve equal to the slope of the budget constraint)? (6 points) 4. How much time should Micaela spend playing video games and watching Netflix given that she has 15 hours of free time? (6 points) 5. When Micaela allocates her time according to the answer to part 4, how does her marginal utility per hour of video games compare to her marginal utility per hour of Netflix? (6 points)