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# Coursework - Assignment Example

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## Extract of sample Coursework

In the context of labor supply, when wages increase, the demand for leisure increases as you work less hours and this is the income effect. The increase in income will also increase the price of leisure, which means you have to work more and this is the substitution effect. The backward bending labor supply curve indicates that as wages increase, people earn more and their demand for leisure increases. They substitute work for labor. The wages will increase to a point where the labor offered in the market is less, causing the backward bending labor supply curve (Starr 20). b) When the women do not work, they only receive benefit b. However, they receive the government subsidy (s) plus their wages (w) when they work. The women will be motivated to take up employment because they will be receiving a subsidy that takes care of their children plus a wage. They will get into the labor market if the total of the subsidy and the wages is more than the benefit. W1 is the wage rate for working mothers without the subsidy and the labor supply is at E1. W2 is the wage rate for working mothers after the subsidy. W2 = W1 + S that is the wage plus the subsidy. This will lead to a shift in the labor supply curve to the right from LS1 to LS2. W3 = b which is the benefit the women receive when they do not work as depicted in the diagrams below. The first diagram shows an increase in the demand for the women to work shifting from D1 to D2. The second diagrams show a shift in the supply of labor to the right

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## Summary

Name: Instructor: Course: Date: Macro & Micro Economics Question 1 a) Change in people’s consumption as a result of a significant change in the purchasing power of an individual is what is referred to as income effect. When income increases, your consumption goes up…
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