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Define the contingent worker?
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- 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 EWhat are the endogenous variables in the labor market model?What factors influence an individual's decision to allocate time between work and leisure in the context of the work-leisure model?
- When focusing on a married couple, one person’s non-labor income includes the laborearnings of his/her partner. Using a graph of budget constraints and indifference curves,describe what would happen to the labor supply of one spouse if the other experiences aninvoluntary job loss. Your answer does not depend on whether the spouse you’regraphing is initially supplying labor or not.What is the value marginal product of labor if: P = $10, MPL = $25, and APL = 40?Need help (ii) A worker's utility function for leisure (R) and consumption (Y) U(R, Y) = R + VY. He has 18 hours in a day, which he can spend on rk or leisure. If the price of consumption is 1 and wage rate is w. rive his labor function and check if labor supply curve is backward binding. %3D
- Describe the neoclassical model of labor -leisure choice model by emphasizing the objective function, constraint and optimality conditions?Explain how the decision to participate in the labour force is made. Include an indifference curve analysis diagram.Explain how decrease in non-labor income might affect the optimal labor supply decision? Use graphs.