Exploring Economics
8th Edition
ISBN: 9781544336329
Author: Robert L. Sexton
Publisher: SAGE Publications, Inc
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Chapter 9, Problem 13P
To determine
The reason behind news reporter being more informed than the average citizens for public policies issues.
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Andrew’s utility depends on consuming L, hours of leisure and Y a composite good. Andrew can work as many hours as he wants to at the wage rate of w, and the price of Y is $1. Andrew’s indifference curves exhibit diminishing MRS. When Andrew’s wage rate decreases, he spends less time working. Answer the following questions using a indifference curve-budget line diagram. Explain your answers carefully. a. Does the substitution effect cause him to work less hours? (If the direction of the effect is ambiguous, say so, and show why on your diagram) b. Does the income effect cause him to work less hours? (If the direction of the effect is ambiguous, say so, and show why on your diagram)
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