6. A maximizing worker with u(r, c) = ¹/2 + ¹/2 earns a wage of 0.50 per hour. Non-labour income is zero. The worker allocates 90 hours per week between labour h and leisure r. Income is spent on composite consumption c. Provide an Indifference Curve and Budget Line Diagram to illustrate and quantify how this person would respond if offered an overtime wage of 1.00 per hour for work exceeding 40 hours per week. Show the initial choice, with w=0.50, and the new choice with w = 1.00.

6. A maximizing worker with u(r, c) = ¹/2 + ¹/2 earns a wage of 0.50 per hour. Non-labour income is zero. The worker allocates 90 hours per week between labour h and leisure r. Income is spent on composite consumption c. Provide an Indifference Curve and Budget Line Diagram to illustrate and quantify how this person would respond if offered an overtime wage of 1.00 per hour for work exceeding 40 hours per week. Show the initial choice, with w=0.50, and the new choice with w = 1.00.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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