10. Suppose that wage rate is increased from $20 per hour to $40 per hour. Assuming an ordinary daily
income-leisure framework with 8 hours of work initially, graphically explain a typical consumer's choice with the wage increase: a. If leisure is a normal good b. If leisure is an inferior good c. Derive the labor supply curve for this person 1) if leisure is a normal good 2) if leisure is an inferior good
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