Question - Budget Constraint Analysis through Hours and Wages
Solution:
The image shows a graph with a blue line intersecting the y-axis at $45 and the x-axis at 4.5. This line represents a budget constraint for working hours and wage rates. The questions ask for interpretations of this graph.For question d, we want to find out how many hours one worked at $10 per hour if they worked 9 hours at $15 per hour. To find this, we first determine how much money was earned from working the 9 hours at $15 per hour:9 hours * $15 per hour = $135Since the person has $135, we can see how many hours that would equate to at $10 per hour:$135 / $10 per hour = 13.5 hoursSo, for the question d:She worked for about 13.5 hours at $10, if she worked 9 hours at $15 per hour.For question e, we want to find out how many hours were worked at $15 per hour if there were 21 hours at $10 per hour. Using the same logic, we first find out the equivalent amount of money for 21 hours at $10 per hour:21 hours * $10 per hour = $210Now we determine how many hours this would be at $15 per hour:$210 / $15 per hour = 14 hoursSo, for the question e:She worked for about 14 hours at $15, if she worked 21 hours at $10 per hour.
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