In this model, workers earn the same total assets whether they work L, or L, hours. Is the worker better off at L, or L2 hours of work? If disutility from work were included in the model, would this shrink, expand, or keep the same the size of the region where workers have no incentive to work? In your own version of Figure 18.7, draw three sets of plausible utility curves that take assets as a positive input and hours worked as a negative input. Draw one set so that the worker elects to work less than L, hours, one set so that the worker elects to work exactly L, hours, and one set so that the worker elects to work more than L, hours.

In this model, workers earn the same total assets whether they work L, or L, hours. Is the worker better off at L, or L2 hours of work? If disutility from work were included in the model, would this shrink, expand, or keep the same the size of the region where workers have no incentive to work? In your own version of Figure 18.7, draw three sets of plausible utility curves that take assets as a positive input and hours worked as a negative input. Draw one set so that the worker elects to work less than L, hours, one set so that the worker elects to work exactly L, hours, and one set so that the worker elects to work more than L, hours.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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