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Graphing budget constraint.

Suppose in country Triniland employers are required to pay overtime at 50% above the normal wage rate for workers who work beyond 8 hours a day.

Now, suppose a law is passed which cuts the standard work day from 8 to 7 hours. Overtime is still paid at 50% above the normal wage rate. On your diagram in (a) draw in the new budget. Clearly specify which is the old budget constraint (part a) and which is the new one.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917173

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