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Draw a diagram of consumption and work hours( work hours not leisure hours) Put consumption on the y axis and hours worked on he x axis. Matt earns a...

Draw a diagram of consumption and work hours( work hours not leisure hours) Put consumption on the y axis and hours worked on he x axis. Matt earns a wage of $20 per hour. What is his budget constraint in terms of Consumption and Hours Worked? Draw his budget constraint on the diagram. Now draw several indifference curves and indicate the utility maximizing level of Hours worked and Consumption.

This question was asked on Apr 01, 2010.

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