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 75 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
Wow, this really help

juliaf

  • Member
  • Posts: 344
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Bacteria have flourished on the earth for over three billion years. They were the first life forms on the planet.

Did you know?

Though methadone is often used to treat dependency on other opioids, the drug itself can be abused. Crushing or snorting methadone can achieve the opiate "rush" desired by addicts. Improper use such as these can lead to a dangerous dependency on methadone. This drug now accounts for nearly one-third of opioid-related deaths.

Did you know?

Medication errors are three times higher among children and infants than with adults.

Did you know?

Alzheimer's disease affects only about 10% of people older than 65 years of age. Most forms of decreased mental function and dementia are caused by disuse (letting the mind get lazy).

Did you know?

The most dangerous mercury compound, dimethyl mercury, is so toxic that even a few microliters spilled on the skin can cause death. Mercury has been shown to accumulate in higher amounts in the following types of fish than other types: swordfish, shark, mackerel, tilefish, crab, and tuna.

Use of fluorescent molecules by Lowenstein and colleagues to determine the size of gap-junction chan Use of fluorescent molecules by Lowenstein and colleagues to determine the size of gap-junction chan
The Number of Children Americans Think Are Ideal The Number of Children Americans Think Are Ideal
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?
Overallocation of Labor to Sector 1 Overallocation of Labor to Sector 1
Algebraically determine the x intercept of the exponential function Algebraically determine the x intercept of the exponential function
Video: T cell receptors

For a complete list of videos, visit our video library