=+15.1 Everyday Application: Labor-Saving Technologies: Consider inventions such as washing machines or self-propelled vacuum cleaners. Such inventions

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=+15.1 Everyday Application: Labor-Saving Technologies: Consider inventions such as washing machines or self-propelled vacuum cleaners. Such inventions reduce the amount of time individuals have to spend on basic household chores, and thus in essence increase their leisure endowments.

A. Suppose that we wanted to determine the aggregate impact such labor-saving technologies will have on a particular labor market in which the wage is w.

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