A. Draw a potential income constraint such that if T = 5, this person will not participate in the labour force. B. Draw a potential income constraint such that this person's full income is $9 and maximum utility is 10. This person will choose 1 hours of leisure. C. Draw a potential income constraint such that this person will choose to work 3 hours out of a maximum possible 8. In this case the person's full income is $9 and the wage rate is $3 . This person achieves utility equal to 20 , and their MRS at the optimal combination is 1

A. Draw a potential income constraint such that if T = 5, this person will not participate in the labour force. B. Draw a potential income constraint such that this person's full income is $9 and maximum utility is 10. This person will choose 1 hours of leisure. C. Draw a potential income constraint such that this person will choose to work 3 hours out of a maximum possible 8. In this case the person's full income is $9 and the wage rate is $3 . This person achieves utility equal to 20 , and their MRS at the optimal combination is 1

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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