Answer to Question #296851 in Microeconomics for Yanyan

Question #296851

A worker's total earnings for one day is $100. He received a $20 fixed payment and consumes 14 hours of leisure. What is the hourly wage rate? Show solutions

Expert's answer

TE= FE+VE

Let hourly wage rate be X

100= 20+ X(24-14)

100= 20+ 10X

10X= 80

X= $8

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