Lawrence has recently graduated from college with a degree in journalism and economics. He has decided to pursue a career as a freelance journalist writing for business newspapers and magazines. Lawrence is typically awake for 112 hours each week (he sleeps an average of 8 hours each day). For each hour Lawrence spends writing, he can earn $75. Lawrence is such a good writer that he can get paid for as many hours of writing as he chooses to work. Refer to Scenario 21-2. If Lawrence decides to spend 80 hours a week playing volleyball on the beach and the rest of his time writing, how much income will he have available to spend on consumption goods

$2,400

Explanation:

This can be calculated as follows:

Total weekly number of available hours Lawnrence is awake = 112 hours

Total weekly number of hours left for writing = Total weekly number of available hours Lawnrence is awake - Number of hours used in playing volleyball weekly = 112 - 80 = 32 hours

Income made by Lawren from writing = Total weekly number of hours left for writing * Writing hourly rate = 32 * $75 = $2,400

Therefore, Lawrence will have $2,400 income available to spend on consumption goods.

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