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Author Question: How does the labor-leisure trade-off determine the supply of labor? What will be an ideal ... (Read 53 times)

dejastew

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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.


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pikon

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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

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

adf223

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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