Chris and Jordan are a two-person household. Chris's market hourly wage is $40, but Chris can also produce $20 of household prod

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3 years ago

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Chris and Jordan are a two-person household. Chris's market hourly wage is $40, but Chris can also produce $20 of household prod

uction each hour. Jordan's market hourly wage is $50, but Jordan can also produce $30 of household production each hour. This household chooses work schedules to maximize utility. When it does this, which of the following cannot occur. A. Jordan specializes in household production, while Chris specializes in marketplace work. B. Jordan specializes in marketplace work, while Chris splits time between marketplace and household work. C. Chris specializes in marketplace work while Jordan specializes in household production. D. Chris specializes in marketplace work, while Jordan splits time between marketplace and household work.E. All of the above results can happen.

Business

1 answer:

andrezito [222] · Answer 1 · 2022-08-10T23:05:30+03:00

Answer:

A. Jordan specializes in household production, while Chris specializes in marketplace work.

Explanation:

Chris and Jordan both can work for their household. The best way is to achieve maximum utility by using the combination of their skills. Chris can go for household work and Jordan can go for marketplace work. They both can use combination of their specialization to achieve maximum utility.