Lecture 11 slides notes

Lecture 11 slides notes - including leisure continued...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Lecture 12 29 October 2009 EC1000 A. Cohen 1 E C O N O M I C S PARKIN BADE Lecture 12 29 October 2009 Work – Leisure Choices Labour supply curve result of utility-maximizing allocation of time between labour and leisure Rising wage changes slope of income-time budget line substitution effect – more time spent labouring income effect – more income for consuming all goods,
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: including leisure continued labour supply curve is upward-sloping when substitution effect > income effect backward-bending when income effect > substitution effect continued Lecture 12 29 October 2009 EC1000 A. Cohen 2 Quantity Labour Wage 0 20 30 35 5 10 15 A B Figure 9.10b Labour Supply Curve C LS...
View Full Document

This note was uploaded on 01/09/2012 for the course ECON 1000 taught by Professor Paschakis during the Fall '08 term at York University.

Page1 / 2

Lecture 11 slides notes - including leisure continued...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online