Hello

I would be really greatfull to anyone who has the knowledge and is good enough to help me with the following questions I am struggling with...

Jay and Kay are a couple with two young children, Mae, aged 9 months and Faye, aged 2. Kay has been on maternity leave and is due to go back to work full time in the local library. Jay is employed full time in a clay workshop. Both parents are in their mid-thirties and live in Grays, Essex. They are looking into arranging childcare once Kay starts work again. Both children could attend a local nursery full time nearby from Monday to Friday, at a cost of $528 per week for both. Kay also receives child benefit, equating to $1,827.80 per year.2.2 Kay earns a gross annual income of f20,400 per year, working 40 hours per week. Her employer introduces changes to working practices that will also allow her to reduce her hours and her pay by up to 50%. The household is discussing the short-term opportunity costs of Kay taking the part-time (50%) working option, rather than Jay. With respect to gross earnings only, briefly explain the short-term opportunity cost of Kay going part-time as opposed to Jay. (2 marks) 2.3 If Jay decides to take the part-time option, this would reduce his net annual income to E9,264. Kay would continue to receive her full-time earnings, which equate to $17,534.16 per year after tax and National Insurance contributions. Mae and Faye would then only attend nursery on a part-time basis at a cost of f264 per week for both of them