Jilai earns $12 per hour for up to 40 hours of work each week. He is...

Jilai earns $12 per hour for up to 40 hours of work each week. He is paid $18 for every hour in excess of 40. Jilai faces a 20 percent tax rate on his labor earnings. Regardless of how much he works, he also receives $200 in tax-free dividends from prior investments each week. There are 110 non-sleeping hours in the week. graph jilai.

Expert Solution

We have the relevant calculations in the table below for the required graph.

Available (non-sleeping) hours not used for work	Hours worked (110 - hours not used for work)	Wage Rate	Total Wages		Tax @20%	Wages after taxes	Dividend income	Total Income
110	0	12	0	$12 * hours worked	-	-	200.0	200.0
100	10	12	120	24.0	96.0	200.0	296.0
90	20	12	240	48.0	192.0	200.0	392.0
80	30	12	360	72.0	288.0	200.0	488.0
70	40	12	480	96.0	384.0	200.0	584.0
69	41	18	498	$480 + $18 on hours worked in excess of 40	99.6	398.4	200.0	598.4
59	51	18	678	135.6	542.4	200.0	742.4
49	61	18	858	171.6	686.4	200.0	886.4
39	71	18	1038	207.6	830.4	200.0	1,030.4
29	81	18	1218	243.6	974.4	200.0	1,174.4
19	91	18	1398	279.6	1,118.4	200.0	1,318.4
0	110	18	1740	348.0	1,392.0	200.0	1,592.0

Pls see the graph below. Income (or consumption) is on vertical axis and leisure hours on horizontal axis.

Rahul Sunny answered 8 months ago

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