Oc. The marginal product of labour is rising as hours of study increase. O d. The marginal product of labour is zero beyond 15 hours. Imagine that you work for 40 hours per week at the wage rate of £10 an hour. Your free hours are defined as the number of hours not spent in work per week, which in this case is 24 hours x 7 days - 40 hours = 128 hours per week Suppose now that your wage rate has increased by 100%. If you want to keep your total weekly income constant, then: Select one or more: a. Your total number of hours will fall by 25%. O b. Your total number of hours will fall by 50%. O C. You will work 25 hours per week. O d. Your free time will increase by 25%. ASUS ZenBook
Oc. The marginal product of labour is rising as hours of study increase. O d. The marginal product of labour is zero beyond 15 hours. Imagine that you work for 40 hours per week at the wage rate of £10 an hour. Your free hours are defined as the number of hours not spent in work per week, which in this case is 24 hours x 7 days - 40 hours = 128 hours per week Suppose now that your wage rate has increased by 100%. If you want to keep your total weekly income constant, then: Select one or more: a. Your total number of hours will fall by 25%. O b. Your total number of hours will fall by 50%. O C. You will work 25 hours per week. O d. Your free time will increase by 25%. ASUS ZenBook
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 8P
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![Oc. The marginal product of labour is rising as hours of study increase.
O d. The marginal product of labour is zero beyond 15 hours.
Imagine that you work for 40 hours per week at the wage rate of £10 an hour. Your
free hours are defined as the number of hours not spent in work per week, which in
this case is
24 hours x 7 days - 40 hours = 128 hours per week
Suppose now that your wage rate has increased by 100%. If you want to keep your
total weekly income constant, then:
Select one or more:
a.
Your total number of hours will fall by 25%.
O b. Your total number of hours will fall by 50%.
O C. You will work 25 hours per week.
O d. Your free time will increase by 25%.
ASUS ZenBook](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Febe020d4-f6d3-4816-bece-43b62e43513a%2F6c63b615-3765-4e41-b171-3e8750b4e34f%2F6knknuh.jpeg&w=3840&q=75)
Transcribed Image Text:Oc. The marginal product of labour is rising as hours of study increase.
O d. The marginal product of labour is zero beyond 15 hours.
Imagine that you work for 40 hours per week at the wage rate of £10 an hour. Your
free hours are defined as the number of hours not spent in work per week, which in
this case is
24 hours x 7 days - 40 hours = 128 hours per week
Suppose now that your wage rate has increased by 100%. If you want to keep your
total weekly income constant, then:
Select one or more:
a.
Your total number of hours will fall by 25%.
O b. Your total number of hours will fall by 50%.
O C. You will work 25 hours per week.
O d. Your free time will increase by 25%.
ASUS ZenBook
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