Assume that you take a job with flexible hours, but initially your salary was based on a 40-hour week. Your salary begins at $15 an hour, or $30,000 per year. Assuming your salary rises, at what salary (hourly wage) would you begin to work fewer than 40 hours a week> Remember the job permits flexible hours Now if your rich uncle dies and leaves you $500,000, would this alter the wage rate at which you cut your work hours? Would the wage rate change if you have children?

Assume that you take a job with flexible hours, but initially your salary was based on a 40-hour week. Your salary begins at $15 an hour, or $30,000 per year. Assuming your salary rises, at what salary (hourly wage) would you begin to work fewer than 40 hours a week> Remember the job permits flexible hours Now if your rich uncle dies and leaves you $500,000, would this alter the wage rate at which you cut your work hours? Would the wage rate change if you have children?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Assume that you take a job with flexible
hours, but initially your salary was based on a
40-hour week. Your salary begins at $15 an
hour, or $30,000 per year. Assuming your
salary rises, at what salary (hourly wage)
would you begin to work fewer than 40 hours
a week> Remember the job permits flexible
hours
Now if your rich uncle dies and leaves you
$500,000 , would this alter the wage rate at
which you cut your work hours? Would the
wage rate change if you have children?

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Step 3: Examine how the scenario will change in case of the uncle's gift and having children

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