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worker views leisure and income as "goods" and has an opportunity to work at an hourly wage of $10 per hour.

a. The worker's opportunity set in a given 24-hour period is illustrated below. What are the values of A and B?

A =

B =

b. Suppose the worker is always willing to give up $14 dollars of income for each hour of leisure. Do her preferences exhibit a diminishing marginal rate of substitution?
(Click to select)YesNo

How many hours per day will she choose to work?

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M91835139

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