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what happens in the work-leisure model, when the wage rate is decreasing and income effect is stronger than substitution effect?
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- What is two factors that may influence the shape of individuals’ indifference curves (flat or steep) which reflect their preferences for work or leisure? What is the difference between income effect and substitution effect under the basic work-leisure decision model?The lines on the graph are budget constraints, showing the tradeoff between labor and leisure. Suppose that when the wage changes, an individual chooses to move from point A to another point on the graph. For each of the other points, where would it belong on the backward bending labor supply curve? Backward‑bendingportionVerticalportionUpward‑slopingportion Answer Bank B D F C EExplain in detail Discuss the possible substitution effect and the income effect of an increase in income on leisure time.
- With the help of a diagram, make a distinction between substitution effect and income effect on individual labour supply.What factors influence an individual's decision to allocate time between work and leisure in the context of the work-leisure model?An individual's decision to supply her labor or to spend her time in leisure activity is known as the labor-leisure tradeoff. True or false?
- What is a downward sloping?Suppose John has 24 hours in a day. He can spend his time either working at his job where he earns $20 per hour, or he could spend it doing leisure (everything else, including sleeping). a) Using the labor-leisure choice model, draw a graph that shows his optimum labor supply would be 10 hours a day (with $0 non-labor income). Make sure your graph is completely labeled. b) On the same graph, show what would happen if he receives $100 a day in non-labor income. Breifly explain what is happening in words.Suppose John has 24 hours in a day. He can spend his time either working at his job where he earns $20 per hour, or he could spend it doing leisure (everything else, including sleeping). a) Using the labor-leisure choice model, draw a graph that shows his optimum labor supply would be 10 hours a day (with $0 non-labor income). Make sure your graph is completely labeled. b) On the same graph, show what would happen if he receives $100 a day in non-labor income. Breifly explain
- What happens to hours of work when the wage rate falls? Decompose the change in hours of work into income and substitution effects.Consider the following graph in which the real wage increases. Which effect is prevailing on leisure: income effect, or substitution effect? consumption leisure O Income effect Substitution Effect O Neither (they are offsetting each other) O BothRefer to the labor–leisure budget constraint shown to answer the questions. This curve shows trade-offs between income and leisure that must be made over the course of one day. How much does this person earn per hour? $ At point A, how many hours of labor are selected? hourshours At point A, how many hours of leisure are selected? hours