Joe College is a UT student. His course schedule is set

| November 24, 2016

Joe College is a UT student. His course schedule is set and his parents have already paid for his tuition, room, and board for the semester. Now Joe must decide how to allocate his time between “leisure” (which includes study time, socializing, etc.) and paid work. Joe has a weekly time endowment of 80 hours and can earn a wage of $10 per hour. Joe’s utility function is ( ) , where is weekly hours of “leisure” and is dollars of consumption of goods (beyond what the basics that his parents have already provided).

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