Question: Consider the same setup as that in exercise 4, and compute the optimal labor decision by the household under the following scenarios: 1. when the

Consider the same setup as that in exercise 4, and compute the optimal labor decision by the household under the following scenarios: 1. when the woman’s opportunity cost increases by 10 percent, and 2.

when the woman’s opportunity cost decreases by 10 percent. Compare these two results with your result in exercise 4. Why do they differ?

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