leslie works from home as an IT consultant and consumes only two goods: work (W), which is measured in hours, and consumption (C), which is measured. in dollars. Normally she works 40 hours a week and is paid $36 per hour. However, she can be contracted for an additional 2o hours a week at $52 per hour. Leslie cannot work for more than 60 hours a week.What is the minimun number of hours leslie must work to attain $720 of consumption?
Question
leslie works from home as an IT consultant and consumes only two goods: work (W), which is measured in hours, and consumption (C), which is measured. in dollars. Normally she works 40 hours a week and is paid 52 per hour. Leslie cannot work for more than 60 hours a week.What is the minimun number of hours leslie must work to attain $720 of consumption?
Solution
To find out the minimum number of hours Leslie must work to attain $720 of consumption, we need to calculate how much she earns per hour and then divide the total consumption by her hourly wage.
Step 1: Calculate her earnings for the first 40 hours. Leslie earns 36/hour = $1440.
Step 2: Check if her earnings from the first 40 hours are enough to cover the consumption. In this case, 720. So, she doesn't need to work additional hours.
Step 3: If her earnings from the first 40 hours were not enough, calculate how many additional hours she needs to work. This step is not necessary in this case because her earnings from the first 40 hours are enough to cover the consumption.
Step 4: Calculate the minimum number of hours she must work. To earn 720 / $36/hour = 20 hours.
So, the minimum number of hours Leslie must work to attain $720 of consumption is 20 hours.
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