1. fiogf49gjkf0d fiogf49gjkf0d Define an indifference curve. Explain why indifference curves are convex and do not cross. |
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2. fiogf49gjkf0d fiogf49gjkf0d What is the marginal rate of substitution (MRS) of consumption for leisure? |
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3. fiogf49gjkf0d fiogf49gjkf0d Define an individual's budget constraint. What is the constraint, given the hourly wage is W, the individual's wealth is A0, and he works for h hours? |
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4. fiogf49gjkf0d fiogf49gjkf0d What is a normal good? |
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5. fiogf49gjkf0d fiogf49gjkf0d If an individual participates in the labor force, then what condition governs his or her optimal consumption-leisure choice? |
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6. fiogf49gjkf0d fiogf49gjkf0d Outline the meaning of the income and substitution effects. |
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7. fiogf49gjkf0d fiogf49gjkf0d Over the last 70 years, what happened in the United States to (a) the length of the average workweek and (b) the male and female participation rates? |
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