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The steep indifference curve means that more leisure is consumed than work while a flat indifference curve is an indication that more work is preferred to leisure. Therefore Sara values less leisure compared to john.
People will tend to work as long as the reservation wage…

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Subject: Marketing
Type: Assignment
Level: High School
Pages: 2 (500 words)
Downloads: 2
Author: warren49

Extract of sample "Labor Market Issues's homework"

Labor markets 2. The steep indifference curve means that more leisure is consumed than work while a flat indifference curve is an indication that more work is preferred to leisure. Therefore Sara values less leisure compared to john.3. An individual will choose a budget constraint W’H which is steeper than WNH. Steeper budget constraint is an indication of higher wages. 4. .5. People will tend to work as long as the reservation wage is greater than the marginal rate of substitution (MRS

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