Please show the exact plotting points for the graph and please answer the table and last question WageLeisureLaborPoint(Dollars per hour)(Hours)(Hours)B.Based on the data you entered in the preceding table, use the orange curve (square symbols) to plot Latasha's labor supply curve on the following graph,showing how much labor she supplies each week at each of the three wages.242220Labor Supply18161412108.4.20.0.1015202530354045505560LABOR (Hours)Suppose that Latasha's initial budget line was BC and that it then changed to BC2; therefore, Latasha's optimal time allocation choice shifted from A toB. As a result of this change, Latasha's opportunity cost of leisure, and she chose to consumeregion, theleisure. Consequently, in thiseffect dominates theeffect. The corresponding portion of Latasha's labor supply curve isWAGE (Dollars per hour)6, Latasha has 80 hours per week to devote to working or to leisure. She is paid an hourly wage and can work at her job as many hours a week as shelikes.The following graph illustrates Latasha's weekly income-leisure tradeoff. The three lines labeled BC, BC2 , and BC3 illustrate her time allocation budgetat three different wages; points A, B, and C show her optimal time allocation choices along each of these constraints.BC,1200BC2800BC,4000.35 40 45LEISURE (Hours)For each of the points listed, use the preceding graph to complete the following table by indicating the hourly wage at each point and how many hoursper week Latasha will spend during leisure activities versus working.INCOME (Dollars)uF------

Given that, Latasha has 80 hours/week to devote to working or to leisure.

Based on the data you entered in the preceding table, use the orange curve (square symbols) to plot Latasha's labor supply curve on the following showing how much labor she supplies each week at each of the three wages. 24 22 20 Labor Supply 18 16 E 14 12 10 VAGE (Dollars per hour)

Based on the data you entered in the preceding table, use the orange curve (square symbols) to plot Latasha's labor supply curve on the following showing how much labor she supplies each week at each of the three wages. 24 22 20 Labor Supply 18 16 E 14 12 10 VAGE (Dollars per hour)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please show the exact plotting points for the graph and please answer the table and last question

Wage
Leisure
Labor
Point
(Dollars per hour)
(Hours)
(Hours)
B.
Based on the data you entered in the preceding table, use the orange curve (square symbols) to plot Latasha's labor supply curve on the following graph,
showing how much labor she supplies each week at each of the three wages.
24
22
20
Labor Supply
18
16
14
12
10
8.
4.
2
0.
0.
10
15
20
25
30
35
40
45
50
55
60
LABOR (Hours)
Suppose that Latasha's initial budget line was BC and that it then changed to BC2; therefore, Latasha's optimal time allocation choice shifted from A to
B. As a result of this change, Latasha's opportunity cost of leisure
, and she chose to consume
region, the
leisure. Consequently, in this
effect dominates the
effect. The corresponding portion of Latasha's labor supply curve is
WAGE (Dollars per hour)
6,

Latasha has 80 hours per week to devote to working or to leisure. She is paid an hourly wage and can work at her job as many hours a week as she
likes.
The following graph illustrates Latasha's weekly income-leisure tradeoff. The three lines labeled BC, BC2 , and BC3 illustrate her time allocation budget
at three different wages; points A, B, and C show her optimal time allocation choices along each of these constraints.
BC,
1200
BC2
800
BC,
400
0.
35 40 45
LEISURE (Hours)
For each of the points listed, use the preceding graph to complete the following table by indicating the hourly wage at each point and how many hours
per week Latasha will spend during leisure activities versus working.
INCOME (Dollars)
uF------

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