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The Standard Indifference Curve Diagram. The standard model of labour leisure choice does not distinguish between females and males. It is a unisex model. The vertical axis gives the persons consumption, c. The horizontal axis shows his leisure, l. Suppose that the person has one unit of time that he can devote to labor, h = 1-l, or leisure, l. Each unit of time spent working is rewarded by the wage w. The components of the graph will be described now.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9532027

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