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CH_ECON301_Media Homework1

CH_ECON301_Media Homework1 - pocket which in turn keeps her...

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Media Homework 1 October 16, 2008 Work all night, I work all day, to pay the bills I have to pay Aint it sad And still there never seems to be a single penny left for me That’s too bad In my dreams I have a plan If I got me a wealthy man I wouldn’t have to work at all, I’d fool around and have a ball... Money, money, money Must be funny In the rich mans world Money, money, money Always sunny In the rich mans world -ABBA Money Money Money The singer of the passage, in her current schedule, has to work constantly in order make enough money to “keep her head above water” and pay all of the bills she accumulates. She finds that even though she is constantly working, the debts she incurs seem to take all of the extra money out of her
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Unformatted text preview: pocket which in turn keeps her from the amount of leisure time she would like. She feels like the need to work outweighs the need to spend time in leisure in order to maintain her desired level of satisfaction, which is an example of marginal rate of substitution. If her dreams were to become a reality and she married a wealthy man, her need to work would decrease while her time spent in leisure would increase. In terms of marginal rate of substitution, she would be able to give up time spent in work while taking on more leisure time while keeping the same rate of satisfaction....
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