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Sheldon is determining how many hours he should work. His wage is currently $18/h and he has 100 h/week to devote to either labor or leisure. Sheldon's indifference curves and budget constraint for this are shown in the graph. 1. Place point L at the point showing Sheldon's optimal consumption of leisure and labor when his wage is $18/ h. 2. Adjust the budget constraint to show the impact of his wage increasing to $26/ h. 3. Place point R to show Sheldon's optimal consumption of leisure and labor at the new wage. 3,000 R 2,800 2,600 2,400 2,200 2,000 2.800 3,600 3,400 15 7,200 1,000 14 800 13 600 400 12 200 Budget constraint Il 30 40 50 60 70 80 90 100 110 120 10 20 Quantity of leisure (hours)

Sheldon is determining how many hours he should work. His wage is currently $18/h and he has 100 h/week to devote to either labor or leisure. Sheldon's indifference curves and budget constraint for this are shown in the graph. 1. Place point L at the point showing Sheldon's optimal consumption of leisure and labor when his wage is $18/ h. 2. Adjust the budget constraint to show the impact of his wage increasing to $26/ h. 3. Place point R to show Sheldon's optimal consumption of leisure and labor at the new wage. 3,000 R 2,800 2,600 2,400 2,200 2,000 2.800 3,600 3,400 15 7,200 1,000 14 800 13 600 400 12 200 Budget constraint Il 30 40 50 60 70 80 90 100 110 120 10 20 Quantity of leisure (hours)

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Please see below. I need assistance on this graphing problem.
Sheldon is determining how many hours he should work. His wage is currently $18/ h and he has 100 h/week to devote to either labor or leisure. Sheldon's indifference curves and budget constraint for this are shown in the graph. 1. Place point L at the point showing Sheldon's optimal consumption of leisure and labor when his wage is $18/ h. 2. Adjust the budget constraint to show the impact of his wage increasing to $26/ h. 3. Place point R to show Sheldon's optimal consumption of leisure and labor at the new wage. 3,000 L R 2,800 2,600 2,400 2,200 2,000 1,800 3,600 9,400 15 ,200 1,000 14 800 13 600 12 400 200 Budget constraint I1 70 80 90 100 110 120 20 30 40 50 60 10 Quantity of leisure (hours)
Transcribed Image Text:Sheldon is determining how many hours he should work. His wage is currently $18/ h and he has 100 h/week to devote to either labor or leisure. Sheldon's indifference curves and budget constraint for this are shown in the graph. 1. Place point L at the point showing Sheldon's optimal consumption of leisure and labor when his wage is $18/ h. 2. Adjust the budget constraint to show the impact of his wage increasing to $26/ h. 3. Place point R to show Sheldon's optimal consumption of leisure and labor at the new wage. 3,000 L R 2,800 2,600 2,400 2,200 2,000 1,800 3,600 9,400 15 ,200 1,000 14 800 13 600 12 400 200 Budget constraint I1 70 80 90 100 110 120 20 30 40 50 60 10 Quantity of leisure (hours)
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Tutorial 11: Identifying a triangular area on a graph You will encounter some questions that will require you to identify an area on the graph using either a triangle or a rectangle. This tutorial lets you practice using a triangle; the next tutorial covers the rectangle. For these types of questions, you will click the plotter tool on the graph. This will place a triangle on the graph with its end points as circles. This indicates that you can click and drag the end points to place the triangle over the area required. Instructions: On the graph below click the 3-pointer shader tool 'Fill', and then click anywhere on the graph. This will place a triangle on the graph. Click and drag the end points (vertices) of the triangle so that the triangle highlights the area from: • O on the x (quantity) axis and 8 on the y (price) axis • 0 on the x axis and 5 on the y axis • 3 on the x axis and 5 on the y axis S₁ 8 5 P₂ K 3 D₂ 1 2 3 4 5 Price 10 9 6 Quantity 7 8 9 10 Tools .Å. Fill Ⓡ
Transcribed Image Text:Tutorial 11: Identifying a triangular area on a graph You will encounter some questions that will require you to identify an area on the graph using either a triangle or a rectangle. This tutorial lets you practice using a triangle; the next tutorial covers the rectangle. For these types of questions, you will click the plotter tool on the graph. This will place a triangle on the graph with its end points as circles. This indicates that you can click and drag the end points to place the triangle over the area required. Instructions: On the graph below click the 3-pointer shader tool 'Fill', and then click anywhere on the graph. This will place a triangle on the graph. Click and drag the end points (vertices) of the triangle so that the triangle highlights the area from: • O on the x (quantity) axis and 8 on the y (price) axis • 0 on the x axis and 5 on the y axis • 3 on the x axis and 5 on the y axis S₁ 8 5 P₂ K 3 D₂ 1 2 3 4 5 Price 10 9 6 Quantity 7 8 9 10 Tools .Å. Fill Ⓡ
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