Question joyce loves to work and loves earning money john, Ask an Expert

Economics

Question: Joyce loves to work and loves earning money. John loves relaxing and doesn't care about money. Assume that John and Joyce have the same wage of $10 per hour. (2pts)

a. Graphically show a wage rate at which Joyce will work and John will not. You should draw a single graph showing both Joyce and John's optimal choices. Make sure to label each person's indifference curve.

b. Assuming John and Joyce both work, demonstrate graphically that John will work fewer hours than Joyce.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M93137576

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