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Economics

Problem

Sasha has 60 hours a week she can work or have leisure. Wages are $8/hour.

a. Graph Sasha's budget constraint for income and leisure.

b. Suppose wages increase to $10/hour. Graph Sasha's new budget constraint.

c. When wages increase from $8/hour to $10/ hour, Sasha's leisure time decreases from 20 hours to 15 hours. Does her labor supply curve slope upward or downward over this wage increase?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92758035

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