Suppose a Worker Gets a Weekly Check Equal to $1,000

question 4

Essay

Suppose a worker gets a weekly check equal to $1,000 from a risk-free investment, has 60 hours of weekly leisure that can be devoted to work and can earn a wage of $40 per hour.
a.Illustrate this worker's budget constraint, with weekly leisure hours on the horizontal and weekly consumption (in dollars) on the vertical.b Illustrate what happens to this worker's budget constraint when the weekly investment check increases to $1,500.
c.Illustrate what happens to this worker's budget constraint when instead the wage increases to $50 per hour.
d.Suppose the worker can hire help at $20 per hour, and each hour of help adds a half an hour to his available leisure.Will the budget constraint described in (a) change?

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Definitions:

Deviance

Behaviors, beliefs, or characteristics that are considered to violate social norms or expectations.

Routine Activities Perspective

A criminological theory suggesting that crimes occur when a motivated offender, suitable target, and lack of a capable guardian converge in time and space.

Deviant Behavior

Actions that violate the norms or expectations of a society or community, which can range from minor infractions to serious crimes.

Labeled

The process of classifying or categorizing something based on certain characteristics or perceived attributes.