Requesting assistance please PART CSuppose that Poornima's initial budget line was BC2 and that it then changed to BC3, therefore, Poornima's optimal time allocation choice shifted from B to C. As a result of this change, Poornima's opportunity cost of leisure ______ and she chose to consume _____ leisure. Consequently, in this region, the ____ effect dominates the ______ effect. The corresponding portion of Poornima's labor supply curve is ______ 501018164-WAGE (Dollars per hour)Homework (Ch 21)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 Poornima will spend during leisure activities versus working.WageLeisureLaborPoint(Dollars per hour)(Hours)(Hours)ABased on the data you entered in the preceding table, use the orange curve (square symbols) to plot Poornima's labor supply curve on the followinggraph, showing how much labor she supplies each week at each of the three wages.2.2422Labor Supply14128.9.20 515253540455509LABOR (Hours)MacBook ProG Search or type URL&.%233.5.4.9.8.6. 7<+o-------S.INCOME (Dollars)11. The backward-sloping labor supply curvePoornima 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 Poornima's weekly income-leisure tradeoff. The three lines labeled BC1 , BC2, and BC3 illustrate her time allocationbudget at three different wages; points A, B, and C show her optimal time allocation choices along each of these constraints.1920BC21280B.BC6405.35 40 45LEISURE (Hours)MacBook ProG Search or type URL9-6.2.3.

The demand curve for labour, under the ceteris paribus assumption, shows the amount of labor…

Answered: equesting assistance please PART C…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Requesting assistance please

PART C

Suppose that Poornima's initial budget line was BC2 and that it then changed to BC3, therefore, Poornima's optimal time allocation choice shifted from B to C. As a result of this change, Poornima's opportunity cost of leisure ______ and she chose to consume _____ leisure. Consequently, in this region, the ____ effect dominates the ______ effect. The corresponding portion of Poornima's labor supply curve is ______

50
10
18
16
4-
WAGE (Dollars per hour)
Homework (Ch 21)
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 Poornima will spend during leisure activities versus working.
Wage
Leisure
Labor
Point
(Dollars per hour)
(Hours)
(Hours)
A
Based on the data you entered in the preceding table, use the orange curve (square symbols) to plot Poornima's labor supply curve on the following
graph, showing how much labor she supplies each week at each of the three wages.
2.
24
22
Labor Supply
14
12
8.
9.
2
0 5
15
25
35
40
45
55
09
LABOR (Hours)
MacBook Pro
G Search or type URL
&.
%23
3.
5.
4.
9.
8.
6.

7
<+
o-------
S.
INCOME (Dollars)
11. The backward-sloping labor supply curve
Poornima 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 Poornima's weekly income-leisure tradeoff. The three lines labeled BC1 , 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.
1920
BC2
1280
B.
BC
640
5.
35 40 45
LEISURE (Hours)
MacBook Pro
G Search or type URL
9-
6.
2.
3.

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