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Author Question: The above figure shows an indifference map for a person's choices between leisure and consumption. ... (Read 75 times)

melina_rosy

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on: Jul 1, 2018
The above figure shows an indifference map for a person's choices between leisure and consumption. Derive this person's labor supply curve for wage rates of 5, 10, and 15.
 
  What will be an ideal response?

Question 2

The practice by a monopolist of charging each buyer the highest price he/she is willing to pay is called
 
  A) first-degree discrimination.
  B) second-degree discrimination.
  C) third-degree discrimination.
  D) fourth-degree discrimination.


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mmj22343

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Reply #1 on: Jul 1, 2018
Answer to Question 1

This person's labor supply curve is downward sloping. The three coordinates for w,H are approximately (5,14 ), (10,11 ), and (15,9 ).

Answer to Question 2

A


melina_rosy

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Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

Missbam101

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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