Your current wage rate is £W per hour and you workHhours a week. Your free time is therefore 24 x 7 - H=168H hours, or (248)x 7 H= 112 - Hhours, if you spend 8 hours a day sleeping. Over the years, your wage rate has increased six-fold to £6W. As a result, you have reduced your working hours by a third. Based on this information, which of the following statements is correct?

Your current wage rate is £W per hour and you workHhours a week. Your free time is therefore 24 x 7 - H=168H hours, or (248)x 7 H= 112 - Hhours, if you spend 8 hours a day sleeping. Over the years, your wage rate has increased six-fold to £6W. As a result, you have reduced your working hours by a third. Based on this information, which of the following statements is correct?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 3
Your current wage rate is £W per hour and you workHhours a week. Your free time is
therefore 24 x 7 - H= 168 H hours, or (248)x 7 - H= 112 Hhours, if you
spend 8 hours a day sleeping. Over the years, your wage rate has increased six-fold
to £6W. As a result, you have reduced your working hours by a third. Based on this
information, which of the following statements is correct?
Your total income has tripled after the wage rate increase.
If you originally worked H 63 hours, then your free time excluding sleeping
hours has increased by 50%.
If your free time including sleeping hours has reduced by one-fifth, then you
originally worked H= 63 hours a week.
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