Question

Labor supply curve

explain by drawing:

The effect of a decrease in labor income on work hours.

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Answer #1

This comes under the topic Labour-Liesure tradeoff & Labour Supply. The answer has been thoroughly explained in the following attachments:effect of decrease in labour income on work hours! Labour income here can be interpretted as the wage rate paid to the workergood, ité : No When the wage rate INLOME EFPELT i Adecrease i income, & unice lisure is a normal wage rate means lower demand

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