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    Total hours in a week

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    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?

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    Solution Preview

    Total hours in a week: 24*7 = 168

    Available hours after sleeping and ...

    Solution Summary

    This tutorial shows how many work hours Tom decides to work.