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 79 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
Great answer, keep it coming :)

Zebsrer

  • Member
  • Posts: 284
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Pregnant women usually experience a heightened sense of smell beginning late in the first trimester. Some experts call this the body's way of protecting a pregnant woman from foods that are unsafe for the fetus.

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Did you know?

Fungal nail infections account for up to 30% of all skin infections. They affect 5% of the general population—mostly people over the age of 70.

Did you know?

Cyanide works by making the human body unable to use oxygen.

Did you know?

Lower drug doses for elderly patients should be used first, with titrations of the dose as tolerated to prevent unwanted drug-related pharmacodynamic effects.

The stages of labor and delivery. (A) During the dilation stage the cervix thins and dilates to 10 c The stages of labor and delivery. (A) During the dilation stage the cervix thins and dilates to 10 c
Indentured Labor from Asia Indentured Labor from Asia
Steric interactions determine peptide conformation Steric interactions determine peptide conformation
How to use the discriminant to determine the value of k in a quadratic with one real root How to use the discriminant to determine the value of k in a quadratic with one real root
Who's Policing the Food Supply? Who's Policing the Food Supply?
Determine the mass of a nonvolatile, nonionizing compound that must be added to 4.76 kg of ... Determine the mass of a nonvolatile, nonionizing compound that must be added to 4.76 kg of ...
Video: Dorsal Recumbent Position

For a complete list of videos, visit our video library