Question: Suppose yesterday was your lucky day You won 7 million
Suppose yesterday was your lucky day. You won $7 million in the Kentucky State Lottery, and the Charles Edwards Coal Mining Company (where you work) raised the wage rate from $12.50 to $17.50 per hour. How would you respond to these pieces of news? What would happen to the quantity of labor you would be willing to supply at the mine? Why? What about your good friend, Adam Schmidt, who works the same shift as you? He didn't win the lottery. What do you suppose would happen to the number of hours he would be willing to work?
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