Answer to Question #68157 in Microeconomics for Maxine
i. The couple can raise maximum of 13 children or earn 3,250,000 Rand. An optimal choiсe will be near 7 children and 1,500,000 Rand.
ii. If the wages decrease from 10 Rand to 8 Rand per hour, then the couple can raise maximum of 13 children or earn 2,600,000 Rand, so the budget constraint will shift leftward. The higher is the number of children, the lower is lifetime consumption, because less money is earned.
iii. If the wage is a normal good, then the increase in wage will cause the increase in hours worked.
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