Jack currently works 38 hours per week at a wage rate of $15 per hour.His marginal rate of substitution is $20 per hour.Is Jack's utility maximized? If yes,explain why.If no,explain why not and discuss what Jack should do in order to further increase utility.

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The Answer of Jack currently works 38 hours per week at a wage rate of $15 per hour.His marginal rate of substitution is $20 per hour.Is Jack's utility maximized? If yes,explain why.If no,explain why not and discuss what Jack should do in order to further increase utility.

Jack Currently Works 38 Hours Per Week at a Wage