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Bob is the company's best hourly worker, but his boss knows that Bob wishes to spend more time with his kids at home. Bob's boss gives Bob a huge increase in his hourly pay hoping to entice him to work more hours.
Was this huge raise a good idea-will it get Bob to work more hours? Carefully explain, using the terms "income effect" and "substitution effect".

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9493734

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