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 76 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

matt95

  • Member
  • Posts: 317
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Your skin wrinkles if you stay in the bathtub a long time because the outermost layer of skin (which consists of dead keratin) swells when it absorbs water. It is tightly attached to the skin below it, so it compensates for the increased area by wrinkling. This happens to the hands and feet because they have the thickest layer of dead keratin cells.

Did you know?

An identified risk factor for osteoporosis is the intake of excessive amounts of vitamin A. Dietary intake of approximately double the recommended daily amount of vitamin A, by women, has been shown to reduce bone mineral density and increase the chances for hip fractures compared with women who consumed the recommended daily amount (or less) of vitamin A.

Did you know?

The first oral chemotherapy drug for colon cancer was approved by FDA in 2001.

Did you know?

Approximately 500,000 babies are born each year in the United States to teenage mothers.

Did you know?

A cataract is a clouding of the eyes' natural lens. As we age, some clouding of the lens may occur. The first sign of a cataract is usually blurry vision. Although glasses and other visual aids may at first help a person with cataracts, surgery may become inevitable. Cataract surgery is very successful in restoring vision, and it is the most frequently performed surgery in the United States.

How to determine an equation in factored form from a graphed parabola How to determine an equation in factored form from a graphed parabola
North Korea: Labor Issues North Korea: Labor Issues
How to use the discriminant to determine the number of roots for any quadratic equation How to use the discriminant to determine the number of roots for any quadratic equation
Effect of Shifting Labor into R&D Effect of Shifting Labor into R&D
Managing Supply Chain and Operations: An Integrative Approach, 2nd Edition Managing Supply Chain and Operations: An Integrative Approach, 2nd Edition
Suppose a country imports televisions. The country's supply and demand curves are shown in ... Suppose a country imports televisions. The country's supply and demand curves are shown in ...
Video: Coaductile pathway, Timing of contraction signal & Conduction system and ECG

For a complete list of videos, visit our video library