Assume that a study was done on students who were completing their last semester of college and had already secured offers of employment. That study showed that the students' utility could be modeled asu(HW,PAY,EXAMS) = 500PAY- 5HW- 3EXAMS, wherePAYis weekly starting pay after graduation, in thousands of dollars;HWis hours of homework per week from all classes for the semester; andEXAMSis the number of exams per semester. Based on the observed utility function, how much weekly pay would students be willing to give up to reduce homework by5.00hours per week? Round your answer to two decimal places.

I thought it was 0.05*1000 so 50 but that is incorrect.