Suppose that a person's life is divided into two periods. A period of poor economic times, when this person earns $27 per hour of work, and a period of good economic times when they earn $39 per hour. The person cannot work more than 2000 hours in a single period, but they want to earn $104,000 total across both periods. What is the minimum number of hours this person needs to work total? Round your answer to two decimal places. Then take a second and thing about what is happening to GDP in each time period and connect the dots to Real Business Cycle Theory.
Suppose that a person's life is divided into two periods. A period of poor economic times, when this person earns $27 per hour of work, and a period of good economic times when they earn $39 per hour. The person cannot work more than 2000 hours in a single period, but they want to earn $104,000 total across both periods. What is the minimum number of hours this person needs to work total? Round your answer to two decimal places. Then take a second and thing about what is happening to GDP in each time period and connect the dots to Real Business Cycle Theory.
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter19: Labor And Entrepreneurship: The Human Inputs
Section: Chapter Questions
Problem 4TY
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