ECS3708 ASSIGN 3 SEM 1 2024
0612521185/0717513144/0680538213
DISCLAIMER: THIS IS NOT AN OFFICIAL GUIDE FROM UNISA. THE REPORT IS NOT
PREPARED NOR APPROVED BY UNISA, RATHER REPRESENTS A POSSIBLE SOLUTION
TO THE TASK CONSISTENT WITH THEORY OF ECS3708. THIS ASSIGNMENT IS INTENDED
TO ASSIST STUDENTS IN GETTING STARTED WITH THEIR ASSIGNMENT, AND IN NO
CASE THIS DOCUMENT SHOULD BE USED FOR CHEATING. WE BELIEVE THIS WILL BE A
GOOD STARTING POINT AS IT WAS PREPARED BY OUR TEAM OF PROFESSIONAL
PRIVATE TUTORS WHO ARE EXPERTS IN THE FIELD, AND IT WAS PREPARED USING
VARIOUS SOURCES. ANY SIMILARITY WITH ANY EXISTING THEORY OR DISCUSSION BY
OTHER AUTHORS IS EXCUSED. THE AUTHORS HOWEVER DO NOT CLAIM MONOPOLY
TO KNOWLEDGE HENCE MODIFICATION OF THE ANSWERS CONTAINED IN THIS
FRAMEWORK MAY NOT BE PROHIBITED AS IT CONTRIBUTES TO EXPANSION OF
KNOWLEDGE. FOR ANY FURTHER GUIDELINE ABOUT THE INFORMATION CONTAINED
HERE AND THE MODULE IN GENERAL, CONTACT PASSMATE TUTORIALS.
WE ASSIST WITH OTHER MODULES INCLUDING:
ECSs, FACs, MACs, MNGs, INTs, TRLs, HMEMS, PRMs, PROs, MNBs, DSC, QMI, MNMs,
MNO, MNPs, FIN, PUBs, MNMs, RESEARCH among others.
WE OFFER CLASSES, ASSIGNMENT GUIDELINES, EXAMINATION PREPARATION,
RESEARCH AND RESEARCH PROPOSALS, DISSERTATION EDITING etc.
OTHER THAN UNISA, WE ALSO ASSIST STUDENTS AT VARIOUS INSTITUTIONS
INCLUDING MANCOSA, REGENT, REGEYNESES, BOSTON, STADIO, OLG, UJ, UP etc
For any enquiries the following numbers can be used for calling, sms, whatsapp and telegram
CONTACT PASSMATE TUTORIALS @061 262 1185/068 053 8213/0717 513 144
or email
1
, ECS3708 ASSIGN 3 SEM 1 2024
0612521185/0717513144/0680538213
Question 1 (20)
Suppose that the consumer’s weekly utility function for consumption (C) and leisure (L)
is explained by:
𝑈(𝐶, 𝐿) = (𝐶 − 200)(𝐿 − 80)
Assuming that there are 168 hours in a week available to allocate between work and
leisure. If you earn R5 per hour and you also receive a social grant of R350 each week.
(a) Find the marginal utility of leisure (3)
MUL = UIL
U = CL – 80C – 200L + 16000
MUL = UIL = C – 200
(b) Find the marginal utility of consumption (3)
MUc = UIc
U = CL – 80C – 200L + 16000
MUc = UIc = L – 80
(c) Specify the consumer’s income constraint. (3)
𝑡𝑜𝑡𝑎𝑙 𝑡𝑖𝑚𝑒 = 168 = 𝑊 + 𝐿
𝑇𝑜𝑡𝑎𝑙 𝑤𝑜𝑟𝑘𝑖𝑛𝑔 𝑡𝑖𝑚𝑒 = 168 − 𝐿
2
0612521185/0717513144/0680538213
DISCLAIMER: THIS IS NOT AN OFFICIAL GUIDE FROM UNISA. THE REPORT IS NOT
PREPARED NOR APPROVED BY UNISA, RATHER REPRESENTS A POSSIBLE SOLUTION
TO THE TASK CONSISTENT WITH THEORY OF ECS3708. THIS ASSIGNMENT IS INTENDED
TO ASSIST STUDENTS IN GETTING STARTED WITH THEIR ASSIGNMENT, AND IN NO
CASE THIS DOCUMENT SHOULD BE USED FOR CHEATING. WE BELIEVE THIS WILL BE A
GOOD STARTING POINT AS IT WAS PREPARED BY OUR TEAM OF PROFESSIONAL
PRIVATE TUTORS WHO ARE EXPERTS IN THE FIELD, AND IT WAS PREPARED USING
VARIOUS SOURCES. ANY SIMILARITY WITH ANY EXISTING THEORY OR DISCUSSION BY
OTHER AUTHORS IS EXCUSED. THE AUTHORS HOWEVER DO NOT CLAIM MONOPOLY
TO KNOWLEDGE HENCE MODIFICATION OF THE ANSWERS CONTAINED IN THIS
FRAMEWORK MAY NOT BE PROHIBITED AS IT CONTRIBUTES TO EXPANSION OF
KNOWLEDGE. FOR ANY FURTHER GUIDELINE ABOUT THE INFORMATION CONTAINED
HERE AND THE MODULE IN GENERAL, CONTACT PASSMATE TUTORIALS.
WE ASSIST WITH OTHER MODULES INCLUDING:
ECSs, FACs, MACs, MNGs, INTs, TRLs, HMEMS, PRMs, PROs, MNBs, DSC, QMI, MNMs,
MNO, MNPs, FIN, PUBs, MNMs, RESEARCH among others.
WE OFFER CLASSES, ASSIGNMENT GUIDELINES, EXAMINATION PREPARATION,
RESEARCH AND RESEARCH PROPOSALS, DISSERTATION EDITING etc.
OTHER THAN UNISA, WE ALSO ASSIST STUDENTS AT VARIOUS INSTITUTIONS
INCLUDING MANCOSA, REGENT, REGEYNESES, BOSTON, STADIO, OLG, UJ, UP etc
For any enquiries the following numbers can be used for calling, sms, whatsapp and telegram
CONTACT PASSMATE TUTORIALS @061 262 1185/068 053 8213/0717 513 144
or email
1
, ECS3708 ASSIGN 3 SEM 1 2024
0612521185/0717513144/0680538213
Question 1 (20)
Suppose that the consumer’s weekly utility function for consumption (C) and leisure (L)
is explained by:
𝑈(𝐶, 𝐿) = (𝐶 − 200)(𝐿 − 80)
Assuming that there are 168 hours in a week available to allocate between work and
leisure. If you earn R5 per hour and you also receive a social grant of R350 each week.
(a) Find the marginal utility of leisure (3)
MUL = UIL
U = CL – 80C – 200L + 16000
MUL = UIL = C – 200
(b) Find the marginal utility of consumption (3)
MUc = UIc
U = CL – 80C – 200L + 16000
MUc = UIc = L – 80
(c) Specify the consumer’s income constraint. (3)
𝑡𝑜𝑡𝑎𝑙 𝑡𝑖𝑚𝑒 = 168 = 𝑊 + 𝐿
𝑇𝑜𝑡𝑎𝑙 𝑤𝑜𝑟𝑘𝑖𝑛𝑔 𝑡𝑖𝑚𝑒 = 168 − 𝐿
2
