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P.E.?. [3 points] Teddy's daily budget constraint is shown in the following ohart. Teddy's employer pays him a base hourly wage rate plus overtime if
P.E.?. [3 points] Teddy's daily budget constraint is shown in the following ohart. Teddy's employer pays him a base hourly wage rate plus overtime if he works more than the standard hours and the "overtimewage" is defined as the sum ofthose, or the total hourly wage earned during overtime. 325 SUD income [dolls rs) H '1} 2 '1 {I E- 10 12 1'1 16 13- Leisure {hours} ta] [1 point] What is Teddy's daily Winsome? {bl [1 point] What is Teddy's base wage rate? to] [1 point] What is Teddy's overtime wage rate? [The overtime wage is the total wage earned per hour during overtime hours_] {d} [1 point] How many hours does Teddy need to work before starting to reoeiveovertime? (e) [2 point] Make a prediction about how much leisure time you think Teddy would probably choose to work. (There is no wrong answer, but your reasoning needs to be right.) (f) [2 point] Suppose Teddy's overtime wage doubled, while Teddy's regular wage remained the same. Make a prediction about how much leisure time you think Teddy would probably choose to work. (There is no wrong answer, but your reasoning needs to be right.)
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