Question: Ali was job seeking. He decided he would not work for anything less than $18/hour. He was hired at $24/hour.

Ali was job seeking. He decided he would not work for anything less than 

         $18/hour. He was hired at $24/hour. 

                               i.          What is Ali's reservation wage rate? Explain. 1 Mark 

                             ii.           What is Ali's economic rent per hour? Explain. 1 Mark

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