Answer to Question #280841 in Macroeconomics for Nkweto Elisha

Question

On average hours a zambian worker works 40hrs per week given that the amounts of hours dedicated to labour determines the supply of labour .

1.find the average hours a zambian worker works in a year and the amounts they would be paid annually if the average wage was k25 per hour.

Find monthly wage for a zambian?

2. Calculate the total labour supply hours for the whole nation in a year.compare working hours and time spent on leisure activities for the week for one worker only employed.

3. If labour was the only Factor of production .use the income method to calculate the national income for zambia for one week

Answer 1

1.

40 hours per week

Hours worked in a year

A year has 520weeks

$52×40=2080$ hours

Amount earned in a year $2080×25=K52000$

A month has four weeks

Payment per month

$40 hours×4weeks×K25\\=K40 00$

2.

1 person works 2080 hours for K52 000

Total population×earning per person in a year

1 week has 24×7 days=168

More time is spent on leisure.

3.

National income=consumption+government expenditure+investment+net import and export