Steve slacker is age 25 has an mba degree but is not


Steve Slacker is age 25, has an MBA degree, but is not working. Instead he is living at a major ski area, using the $2,000 per week he gets from his wealthy family. The family, however, seeing that Steve is becoming a permanent slacker, ends his weekly payment. As a result, Steve chooses to take a job that pays $1,000 a week for 40 hours or work.

a) Construct a single income-leisure choice graph to show Steve’s situation before and after his parent’s decision.

b) Briefly summarize the outcome as to hours of work, total weekly income, and Steve’s total utility.

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Business Economics: Steve slacker is age 25 has an mba degree but is not
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