(Answered) The diagram below shows derricks labor supply curve ls

Economics

The diagram below shows Derrick's labor supply curve (LS). Derrick bought a very expensive house at the very end of the housing boom and paid a premium price for the house. Now that the housing market has crashed, the house has lost substantial value and Derrick has lost substantial wealth. Use the copy tool to show the change that occurs in Derrick's labor supply curve due to this change in Derrick's real wealth. Label the new curve LS2. Hint: make sure that LS2 is parallel to LS.

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