Consider a working mother who is guaranteed an income of $18,000 per year from a combination of working andgovernment assistance. In order to earn $20,000 herself, through work, how many hours would she need to work?$25,000$20,000$18,000$16,000$15,000$10,000$5,000500 1,000 1,500 2,000 2,500+ Leisure (hours)Labor (hours)Select the correct answer below:500 labor hoursO O labor hours2500 labor hoursO 1000 labor hoursIncome

Answered: Consider a working mother who is…

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

Consider a working mother who is guaranteed an income of $18,000 per year from a combination of working and
government assistance. In order to earn $20,000 herself, through work, how many hours would she need to work?
$25,000
$20,000
$18,000
$16,000
$15,000
$10,000
$5,000
500 1,000 1,500 2,000 2,500
+ Leisure (hours)
Labor (hours)
Select the correct answer below:
500 labor hours
O O labor hours
2500 labor hours
O 1000 labor hours
Income

Expert Solution

Step 1

Answer:

According to the figure, the x-axis shows that the total hours available is 2500. At 0 hours of leisure, the monther can earn $20,000. 0 hours of leisure means 2500 hours of work. So in order to earn $20,000 herself through work, she will work for 2500 hours.

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