Homework Help is Here – Start Your Trial Now!
Math
Statistics
If a person works a standard 8 hour day he will be at Point C on the graph. If his hourly wage is $25 per hour his income at C is? Income А C В Leisure (hours per day)

If a person works a standard 8 hour day he will be at Point C on the graph. If his hourly wage is $25 per hour his income at C is? Income А C В Leisure (hours per day)

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
See similar textbooks
icon
Related questions
Question
The image features a graph with two axes: "Income" on the vertical axis and "Leisure (hours per day)" on the horizontal axis. The graph includes three points labeled A, B, and C connected by a line. - **Point A** is at the top of the income axis and represents maximum income with no leisure time. - **Point B** is at the far right of the leisure axis and denotes maximum leisure with no income. - **Point C** is on the line segment connecting A and B. It represents an intersection of leisure and income based on a standard workday. The accompanying text reads: - "If a person works a standard 8 hour day he will be at Point C on the graph." - "If his hourly wage is $25 per hour his income at C is?" Given that a standard workday is 8 hours, at $25 per hour, the income at Point C would be \(8 \text{ hours} \times \$25/\text{hour} = \$200\). The graph illustrates the trade-off between leisure time and income, with Point C specifically indicating the income achieved through a standard working day.
Transcribed Image Text:The image features a graph with two axes: "Income" on the vertical axis and "Leisure (hours per day)" on the horizontal axis. The graph includes three points labeled A, B, and C connected by a line. - **Point A** is at the top of the income axis and represents maximum income with no leisure time. - **Point B** is at the far right of the leisure axis and denotes maximum leisure with no income. - **Point C** is on the line segment connecting A and B. It represents an intersection of leisure and income based on a standard workday. The accompanying text reads: - "If a person works a standard 8 hour day he will be at Point C on the graph." - "If his hourly wage is $25 per hour his income at C is?" Given that a standard workday is 8 hours, at $25 per hour, the income at Point C would be \(8 \text{ hours} \times \$25/\text{hour} = \$200\). The graph illustrates the trade-off between leisure time and income, with Point C specifically indicating the income achieved through a standard working day.
### Income-Leisure Trade-off Graph This graph illustrates the relationship between income and leisure (hours per day). The graph is a straight line connecting three points: A, C, and B. #### Axes: - **Vertical Axis (Y-axis):** Represents Income. - **Horizontal Axis (X-axis):** Represents Leisure (hours per day). #### Points: - **Point A:** Represents the maximum potential income if no leisure time is taken. - **Point C:** Indicates an 8-hour workday. - **Point B:** Represents maximum leisure time with no income. ### Scenario: - If a person works a standard 8-hour day, they will be at Point C on the graph. - With an hourly wage of $25, we need to calculate the income at Point A. ### Calculation: Given 24 hours in a day, if all hours are used for work (Point A), and the hourly wage is $25: - Maximum work hours per day = 24 hours - Income at Point A = 24 hours * $25/hour = $600 Therefore, the income at Point A is $600. This visual represents the trade-off between earning potential and leisure time.
Transcribed Image Text:### Income-Leisure Trade-off Graph This graph illustrates the relationship between income and leisure (hours per day). The graph is a straight line connecting three points: A, C, and B. #### Axes: - **Vertical Axis (Y-axis):** Represents Income. - **Horizontal Axis (X-axis):** Represents Leisure (hours per day). #### Points: - **Point A:** Represents the maximum potential income if no leisure time is taken. - **Point C:** Indicates an 8-hour workday. - **Point B:** Represents maximum leisure time with no income. ### Scenario: - If a person works a standard 8-hour day, they will be at Point C on the graph. - With an hourly wage of $25, we need to calculate the income at Point A. ### Calculation: Given 24 hours in a day, if all hours are used for work (Point A), and the hourly wage is $25: - Maximum work hours per day = 24 hours - Income at Point A = 24 hours * $25/hour = $600 Therefore, the income at Point A is $600. This visual represents the trade-off between earning potential and leisure time.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS