The above figure shows an indifference map for a person’s choices betw
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?
ANSWER
This person’s labor supply curve is downward sloping. The three coordinates for w,H are approximately (5,14 ), (10,11 ), and (15,9 ).
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