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Name Date Class ECONOMICS LABORATORY (CONTINUED) 1 STEP 3. Understanding a general relationship between choices and costs is important. But to make a good economic decision, you need hard figures. 7. Conduct research to find out a typical hourly wage paid at places you work, or might work. 8. Complete the table below. Then graph the columns "Hours of Free Time" and "Wages Earned." Hours of Hours Wages Free Time Worked Earned 20 0 18 16 14 12 Wages Earned 10 8 ONAC 2 4 6 8 10 12 14 16 18 20 Hours of Free Time STEP 4. The steps you have just taken-identifying an economic choice, considering its opportunity costs, quantifying their relationships, and comparing options-are the same basic steps used to make any economic decision 9. Think about your work. For the purposes of this lab, how many hours do you choose to work each week? Why? right @ by The McGraw-Hill Companies, Inc