Nicole works as a research assistant. When her wage rate was $20 per hour, she worked 35 hours per week. When her wage rate rose to $30 per hour, she decided to work 40 hours per week. When her wage rate rose further to $40, she decided to work 30 hours per week. a. In the accompanying graph, plot these three points on Nicole's individual labor supply curve. 60 Labor supply curve 50 40 30 20 10 10 15 20 25 30 35 40 45 50 Wage ($ per hour)
Nicole works as a research assistant. When her wage rate was $20 per hour, she worked 35 hours per week. When her wage rate rose to $30 per hour, she decided to work 40 hours per week. When her wage rate rose further to $40, she decided to work 30 hours per week. a. In the accompanying graph, plot these three points on Nicole's individual labor supply curve. 60 Labor supply curve 50 40 30 20 10 10 15 20 25 30 35 40 45 50 Wage ($ per hour)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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I need help with A and B.
Transcribed Image Text:Nicole works as a research assistant. When her wage rate was $20 per hour, she worked 35 hours per week. When her wage
rate rose to $30 per hour, she decided to work 40 hours per week. When her wage rate rose further to $40, she decided to
work 30 hours
per
week.
a. In the accompanying graph, plot these three points on Nicole's individual labor supply curve.
60
Labor supply curve
50
40
30
20
10
10
15
20
25
30
35
40
45
50
Quantity (hours worked
per
week)
Wage ($ per hour)
Transcribed Image Text:10
15
20
25
30
35
40
45
50
Quantity (hours worked per week)
b. For Nicole, the income effect dominates in the wage range from
whereas the substitution effect
dominates in the wage range from
$0 to $30
$30 to $40
$30 onward
$20 onward
$20 onward
$0 to $30
$30 to $40
$30 onward
-유
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