This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: How does the labor-leisure trade-off determine the supply of labor? What will be an ideal ... (Read 63 times)

dejastew

  • Hero Member
  • *****
  • Posts: 562
on: Jun 29, 2018
How does the labor-leisure trade-off determine the supply of labor?
 
  What will be an ideal response?

Question 2

Refer to Figure 5-3. The deadweight loss due to the externality is represented by the area
 
  A) nso. B) mso. C) msn. D) mtn.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

pikon

  • Sr. Member
  • ****
  • Posts: 361
Reply #1 on: Jun 29, 2018
Answer to Question 1

Non-work activities are labeled leisure. Time that is not spent on leisure will be spent on work. So, the price of leisure, in terms of its opportunity cost, is the lost wages from not working. Individuals would consume leisure up to the point where the marginal benefit from leisure equals the marginal cost, where the marginal cost is the wage rate.

Answer to Question 2

C


dejastew

  • Member
  • Posts: 562
Reply 2 on: Jun 29, 2018
:D TYSM

ecabral0

  • Member
  • Posts: 310
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

Limit intake of red meat and dairy products made with whole milk. Choose skim milk, low-fat or fat-free dairy products. Limit fried food. Use healthy oils when cooking.

Did you know?

A strange skin disease referred to as Morgellons has occurred in the southern United States and in California. Symptoms include slowly healing sores, joint pain, persistent fatigue, and a sensation of things crawling through the skin. Another symptom is strange-looking, threadlike extrusions coming out of the skin.

Did you know?

Pink eye is a term that refers to conjunctivitis, which is inflammation of the thin, clear membrane (conjunctiva) over the white part of the eye (sclera). It may be triggered by a virus, bacteria, or foreign body in the eye. Antibiotic eye drops alleviate bacterial conjunctivitis, and antihistamine allergy pills or eye drops help control allergic conjunctivitis symptoms.

Did you know?

The human body produces and destroys 15 million blood cells every second.

Did you know?

Asthma attacks and symptoms usually get started by specific triggers (such as viruses, allergies, gases, and air particles). You should talk to your doctor about these triggers and find ways to avoid or get rid of them.

Telomere length is related to the amount of time adults spend in leisure time activity. Source: Ada Telomere length is related to the amount of time adults spend in leisure time activity. Source: Ada
Child Labor Rates and GDP Worldwide Child Labor Rates and GDP Worldwide
A DC voltage is applied across the spark plug gap after the plug fires and the circuit can determine ... A DC voltage is applied across the spark plug gap after the plug fires and the circuit can determine ...
Prices in Japan before and after Opening to Trade Prices in Japan before and after Opening to Trade
Overallocation of Labor to Sector 1 Overallocation of Labor to Sector 1
What mass, in grams, of a 5.00% by mass sugar water solution is needed to supply What mass, in grams, of a 5.00% by mass sugar water solution is needed to supply
Video: Predator- prey competition and symbiosis

For a complete list of videos, visit our video library