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)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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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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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