Total hours in a week
Not what you're looking for?
Tom has a job that pays $15 per hour. If he works more than 40 hours in a week, he gets an overtime premium of 50 percent, which increases his wage rate to $22.50/hour. Tom has preferences for consumption and leisure goods. Assuming that he has 80 hours available per week (he spends the other 88 hours sleeping and commuting), how many work hours will Tom decides to work?
Purchase this Solution
Solution Summary
This tutorial shows how many work hours Tom decides to work.
Solution Preview
Total hours in a week: 24*7 = 168
Available hours after sleeping and ...
Purchase this Solution
Free BrainMass Quizzes
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.