Final answer:
Margot will charge $42 for six hours of babysitting, calculated by multiplying her hourly rate of $7 by 6 hours. This scenario also reflects the law of supply, showing how supply changes with price.
Step-by-step explanation:
To solve the mathematical problem completely, where Margot charges seven dollars an hour for babysitting, we simply need to multiply the hourly rate by the total number of hours she will work. Margot's hourly rate is $7, and the total number of hours she is to work is 6. So, multiplying 7 dollars by 6 hours gives us:
7 dollars/hour × 6 hours = 42 dollars
Therefore, Margot will charge $42 for six hours of babysitting.
This example illustrates a basic principle of economics which is the relationship between labor supplied and the wage rate. According to the law of supply, the quantity of a service that is supplied (like babysitting) increases as the price of the service increases.
So, if Margot decided to increase her babysitting rate, she might see a decrease in the number of hours she is hired for, based on the willingness of the parents to pay the higher rate. This is because, at higher prices, fewer people may be willing to pay for the service, similarly to how more students are willing to supply babysitting services at a higher wage rate.