You currently work for 40 hours a week at wage rate of £12 an hour. Your free hours are defined as the number of hours not in work, which in this case is 24 hours \times 7 days 40 hours 128 hours per week. Suppose that you are happy to keep your total weekly income constant. Then: Group of answer choices If your pay is cut to £9, in order to keep your income constant, you'll only get 100 hours of free time. To have 16 hours of more free time, your wage rate needs to increase by £8. Doubling the wage rate would decrease your working hours to 30 hours per week. If your wage rate increases to £16 an hour, then your free time will increase to 130 hours.

You currently work for 40 hours a week at wage rate of £12 an hour. Your free hours are defined as the number of hours not in work, which in this case is 24 hours \times 7 days 40 hours 128 hours per week. Suppose that you are happy to keep your total weekly income constant. Then: Group of answer choices If your pay is cut to £9, in order to keep your income constant, you'll only get 100 hours of free time. To have 16 hours of more free time, your wage rate needs to increase by £8. Doubling the wage rate would decrease your working hours to 30 hours per week. If your wage rate increases to £16 an hour, then your free time will increase to 130 hours.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter16: Labor Markets

Section: Chapter Questions

Problem 16.1P

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Currentlyyouworkfor40hoursperweekatthewagerateof$20anhour.Your free hours are defined as the number of hours not spent in work per week, which in this case is 24 hours × 7 days − 40 hours = 128 hours per week. Suppose now that your wage rate has increased by 25%. If you are happy to keep your total weekly income constant, how many hours will you work? How many free hours will you have?
Why the answer is 4 hours?
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Assume that you take a job with flexible hours, but initially your salary was based on a 40-hour week. Your salary begins at $15 an hour, or $30,000 per year. Assuming your salary rises, at what salary (hourly wage) would you begin to work fewer than 40 hours a week> Remember the job permits flexible hours Now if your rich uncle dies and leaves you $500,000 , would this alter the wage rate at which you cut your work hours? Would the wage rate change if you have children?
k.ac.uk/mod/quiz/attempt.php.atter QUEST Imagine that you work for 40 hours per week at the wage rate of £10 an hour. Your free hours are defined as the number of hours not spent in work per week, which in Marke this case is P Flag 24 hours x 7 days - 40 hours = 128 hours per week Suppose now that your wage rate has increased by 100%. If you want to keep your total weekly income constant, then: Select one or more: Your total number of hours will fall by 25%. O b. Your total number of hours will fall by 50%. O C. You will work 25 hours per week. O d. Your free time will increase by 25%. PREVIOUS PAGE NE ASUS ZenBook f7 E3 9f OL
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Ken has an annual non-labour income of $5000. Suppose he has the total available time of 52×80=4160 hours per year. Ken's wage rate is $15 per hour, and he chooses to work 2000 hours in a year. Suppose Ken’s wage rate rises from $15 to $18 dollars per hour, and he decides to work 2040 hours. At $18 per hour, if he worked 2200 hours per year, he would be indifferent to his original work decision before the wage increase Then: -Draw a diagram to show Ken’s choices before and after the wage increase. Calculate his maximum and optimal income before and after the wage change. And calculate the substitution effect, income effect and total effect generated by the wage change. Show these three effects in your diagram.
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