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If Bob's compensation package is one in which he is paid 100 thousand dollars per year, he maximizes his utility working ________ hours each day.

Answer :

If Bob's compensation package is one in which he is paid 100 thousand dollars per year, he maximizes his utility by working a certain number of hours each day.

Utility refers to the satisfaction or happiness that an individual derives from consuming a good or service. In the context of Bob's job, his utility would depend on how much he enjoys working and how much leisure time he desires. To maximize his utility, Bob would need to strike a balance between work and leisure. If he enjoys his job and derives satisfaction from working, he may choose to work longer hours each day. However, if he values his leisure time more highly, he may choose to work shorter hours each day and use the additional time for other activities that bring him satisfaction.
Ultimately, the number of hours that Bob works each day to maximize his utility will depend on his personal preferences and values. Some individuals may value money more highly than leisure time and be willing to work longer hours, while others may prioritize leisure time and work fewer hours. In either case, Bob's compensation package provides him with the flexibility to make the choice that is best for him.

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