Shaun won a lottery that pays him 8000 $ every year for the rest of his life. As a result, he works 30 hours per week instead of the usual 40 hours per week. What is the income effect from this lottery win ( assume 50 weeks in a year ) ?

Choose one

-5.00 hours per 100 $

-7.50 hours per 100 $

- 2.50 hours per 100 $

-6.25 hours per 100$