Briefly summarize the outcome for hours of work

Reference no: EM13322930

Steve Slacker is Age 25, has an MBA degree, but is not working. Instead he is living at a major ski area, using the $2000 per week he gets from his wealthy family. Seeing that Steve is becoming a permanent slacker, his family ends this weekly payment. As a result, Steve chooses to take a job that pays $1000 per week for 40 hours of work. Construct a single income-leisure graph to show Steve's situation before and after his parents' decision. Briefly summarize the outcome for hours of work, total weekly income, and Steve's total utility.

Reference no: EM13322930

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