Suppose that a person's life is divided into two periods. A period of poor economic times, when this person earns $28 per hour of work, and a period of good economic times when they earn $42 per hour. The person cannot work more than 2000 hours in a single period, but they want to earn $107,000 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 $28 per hour of work, and a period of good economic times when they earn $42 per hour. The person cannot work more than 2000 hours in a single period, but they want to earn $107,000 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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![Suppose that a person's life is divided into two periods. A period of poor economic times, when this
person earns $28 per hour of work, and a period of good economic times when they earn $42 per
hour. The person cannot work more than 2000 hours in a single period, but they want to earn
$107,000 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F37e2f913-30b2-4c8c-98d5-339163057ff1%2Fb6b51540-3b01-42e1-b5d6-3b9e2b3a9ba8%2Fgfips4p_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose that a person's life is divided into two periods. A period of poor economic times, when this
person earns $28 per hour of work, and a period of good economic times when they earn $42 per
hour. The person cannot work more than 2000 hours in a single period, but they want to earn
$107,000 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.
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