Question

Please answer and explain

1. Henry and Holly Hitch are a high-income two-children couple, who like to eat out and go to the theater. In addition to the money it takes for these activities, they must get a babysitter for each evening out, which is done through their babysitting cooperative. During the coming year, they will have $12,000, and 300 hours of babysitting credits, to use for their dining out and theater visits. Each dinner evening takes 3 hours and costs $150, while each evening at the theater also takes 3 hours and costs $100. Usex to denote the number of dinners out and y to denote the number of theater visits. Write down Henry and Holly’s time budget constraint and money budget constraint.

Answer 1