I am considering doing research with a professor on campus but am not sure what I should expect the time commitment to be. What is considered the average amount of time people spend researching per week? How much are people usually paid per hour?

Research at Penn is honestly so wide-ranging that this question is pretty hard to answer. I personally do research at Perelman for work study, which is around 5-7 hours of work a week (I'm not required to come into the office because I can do research remotely) and $12 per hour. A lot of my friends have unpaid research positions in engineering labs (don't know many people conducting Wharton research), and for them it's like 5-10 hours a week.

Absent Aardvark, April 8th 8:08 pm