The above figure shows an indifference map for a person's choices between leisure and consumption. Derive this person's labor supply curve for wage rates of $5, $10, and $15
What will be an ideal response?
This person's labor supply curve is downward sloping. The three coordinates for w,H are approximately (5,14 ), (10,11 ), and (15,9 ).
Economics
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Increases in human capital will promote economic growth.
a. true b. false
Economics
If by purchasing a little more milk and a little less ice cream you could increase your total utility,
a. the MU of milk must be greater than that of ice cream b. the MU of ice cream must be greater than that of milk c. the MU/P of milk must be greater than that of ice cream d. milk must be cheaper than ice cream e. the MU of milk will increase
Economics