A worker has two jobs, and they can choose to work any number of hours in a day on each job (up to the upper limit, if any), but can only work on one job at a time. The first job pays $10 per hour and has an upper limit of 6 hours per day. The second job pays $6 per hour and has no upper limit (for example, fixed-contract online freelance work). The worker will always choose the first job if they can. Consider their budget constraint with the amount of daily leisure time on the horizontal axis (from 0 to 24 hours) and their consumption expenditure on the vertical axis (which equals their daily income). Based on this information, which of the following is correct?

a. The workers budget constraint is kinked at 6 hours of free time.
b. The worker will never choose to consume exactly 18 hours of free time.
c. The slope of the budget constraint is -6 when the hours of free time is small, and 10 when the hours of free time is large.
d. For the choice of 8 hours of free time, the maximum expenditure for the day is 96

Question

15-10-2020
Business

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A worker has two jobs, and they can choose to work any number of hours in a day on each job (up to the upper limit, if any), but can only work on one job at a time. The first job pays $10 per hour and has an upper limit of 6 hours per day. The second job pays $6 per hour and has no upper limit (for example, fixed-contract online freelance work). The worker will always choose the first job if they can. Consider their budget constraint with the amount of daily leisure time on the horizontal axis (from 0 to 24 hours) and their consumption expenditure on the vertical axis (which equals their daily income). Based on this information, which of the following is correct?

a. The workers budget constraint is kinked at 6 hours of free time.
b. The worker will never choose to consume exactly 18 hours of free time.
c. The slope of the budget constraint is -6 when the hours of free time is small, and 10 when the hours of free time is large.
d. For the choice of 8 hours of free time, the maximum expenditure for the day is 96

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batolisis batolisis · Answer 1 · 2020-10-15T16:29:54+02:00

Answer:

The slope of the Budget constraint is -6 when the hours of free time is small, and 10 when the hours of free time is large ( C )

Explanation:

The slope of the Budget constraint is -6 when the hours of free time is small, and 10 when the hours of free time is large

This is right, because whenever the hours of free time is small, This means that he will be under the second job that pays $6 per hour, with no upper limit on work hours, hence he will work more & enjoy less free time.

Hence the slope of BC = 6