What information is embodied in (a) an indifference curve (b) the budget line in the workleisure model?

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What information is embodied in (a) an indifference curve (b) the budget line in the work–leisure model? Why are indifference curves

(a) Downwards loping

(b) Convex to the origin?

Draw an indifference map and budget line and locate a worker’s optimal position.

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Related Book For answer-question

Contemporary Labor Economics

ISBN: 978-1259290602

11th Edition

Authors: Campbell R. McConnell, Stanley L. Brue, David Macpherson

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Question Posted: Feb 17, 2020 06:21 AM

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What information is embodied in (a) an indifference curve (b) the budget line in the workleisure model?

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An indifference curve line shows the relationship of genuine pay and relaxation time that will yield a specific degree of utility giving comparable utility or fulfillment to a people in the workrecrea...View the full answer

Contemporary Labor Economics

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