Scenario 21-2 Fred Has Recently Graduated from College with a Degree in Degree

question 431

Multiple Choice

Scenario 21-2
Fred has recently graduated from college with a degree in journalism and economics. He has decided to pursue a career as a freelance journalist writing for business newspapers and magazines. Fred is typically awake for 112 hours each week (he sleeps an average of 8 hours each day) . For each hour Fred spends writing, he can earn $75. Fred is such a good writer that he can get paid for as many hours of writing as he chooses to work.
-Refer to Scenario 21-2.If Fred's wage increases to $90 per hour of writing,which of the following points would fall on his budget constraint?

• A) 75 hours of leisure, $2,775 of consumption
• B) 80 hours of leisure, $2,400 of consumption
• C) 85 hours of leisure, $2,430 of consumption
• D) 90 hours of leisure, $1,650 of consumption

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Definitions:

Frequency Distribution

A summary of how often different values occur within a data set, typically organized into a table or represented graphically.

Percent Frequency

The frequency of a specific event or category expressed as a percentage of the total number of events or categories.

Frequency Distribution

A summary of data showing the frequency (or number) of observations in each of several non-overlapping categories or bins.

Class Width

The difference between the upper and lower boundaries (or real limits) of any class/interval in a frequency distribution.