240 Florence works 8 hours a day for an hourly wage of $12. Florence receives $20 per day in non- labor income. Florence's wage decreases to $10 per hour. As a result, she decides to work 9 hours per day. b. Modify the diagram to reflect Florence's new wage and labor supply decision. c. Did the income effect or substitution effect dominate for Florence? 200- 160+ 120+ 40- a. Draw a diagram representing Florence's labor supply decision. Label the diagram properly. Income 9 10 11 12 13 14 15 Leisure

240 Florence works 8 hours a day for an hourly wage of $12. Florence receives $20 per day in non- labor income. Florence's wage decreases to $10 per hour. As a result, she decides to work 9 hours per day. b. Modify the diagram to reflect Florence's new wage and labor supply decision. c. Did the income effect or substitution effect dominate for Florence? 200- 160+ 120+ 40- a. Draw a diagram representing Florence's labor supply decision. Label the diagram properly. Income 9 10 11 12 13 14 15 Leisure

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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