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Economics

Suppose an individual is faced with two goods: income and leisure. The basic wage rate is 8 dollars per hour but if the individual works more than 8 hours a day, he or she get's an overtime pay of $12 .

a. Draw the budget line for this individual.

b. Show how a change in the overtime rate may lead to a "big" change in the number of hours for which the consumer would like to work.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91272666

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