11. The backward-sloping labor supply curve Raya has 80 hours per week that she can devote to time spent working or on leisure activities. Assume that Raya is paid by the hour, and that her job will always allow her to work as many hours as she chooses. The following graph presents Raya's weekly leisure-income tradeoff. The three lines labeled BC1, BC2, and BC's show her time allocation budget at three different hourly wage levels. The given points A, B, and C represent her optimal time allocation choices along each of these constraints. (?) BC, 1600 BC- 960 INCOME (Dollars) BC. FER Apr 28 8:07 OFMODO 110 C K & # $ % 3 4 5 6\fCENGAGE | MINDTAP Homework (Ch 21) For each listed point, use the preceding graph to complete the following table by indicating the hourly wage as well as the number of hours per week Raya will spend on labor and leisure. Wage Leisure Labor Point ( Dollars per hour) (Hours) (Hours) A Based on the data you entered in the preceding table, use the orange curve (square symbols) to plot Raya's labor supply curve on the following graph, showing how much labor she supplies each week at each of the three wages. 24 22 Labor Supply 16 per hour) 14 OEMODO hpl?deploymentld=56736619720212108401873280819&elSBN=9781337096577&id=1990099467 &snapshould=3804. ALEKS - Nicholas. A ALEKS - Nicholas. ALEKS-ONLINE Q. C4ELink: Log in to t. CENGAGE | MINDTAP Q Search Homework (Ch 21) Based on the data you entered in the preceding table, use the orange curve (square symbols) to plot Raya's labor supply curve on the following graph, showing how much labor she supplies each week at each of the three wages. 24 22 20 Labor Supply 18 WAGE (Dollars per hour) N 5 10 15 20 25 30 35 40 45 50 55 60 LABOR (Hours) Ap O AMOCO hpWAG 5 10 15 20 25 30 35 40 55 60 LABOR (Hours) decreased increased Suppose that Raya's initial budget line was BC2 and that it t to BC's; therefore, Raya's optimal time allocation choice shifted from B to C. As a result of this change, Raya's opportunity cost of leisure and she chose to consume _ leisure. Consequently, in this region, the effect dominates the effect. The corresponding portion of Raya's labor supply curve is Grade It Now Save & Continue Continue without saving O EMOCO hp C $ &10 WAGE (Dollars 5 10 15 20 25 30 35 40 45 50 55 60 LABOR (Hours) less more Suppose that Raya's initial budget line was BC2 and that it then changed to BC's ; therefore, Raya's optin allocation choice shifted from B to C. As a result of this change, Raya's opportunity cost of leisure , and she chose to consume _leisure. Consequently, in this region, the effect dominates the effect. The corresponding portion of Raya's labor supply curve is Grade It Now Save & Continue Continue without saving MODO npHomework (Ch 21) 16 14 WAGE (Dollars per hou 10 NA O 5 10 15 20 25 30 35 40 45 50 5 60 LABOR (Hours) income Sup 's initial budget line was BC2 and that it then changed to BCs; therefore, Raya's optimal time allocation choice shifted from B to C. substitution As a change, Raya's opportunity cost of leisure , and she chose to consume _ leisure. Consequently, in this region, the effect dominates the effect. The corresponding portion of Raya's labor supply curve is Grade It Now Save & Continue Continue without saving EMODO hpHomework (Ch 21) 16 14 12 WAGE (Dollars per hou 10 N 10 15 20 25 30 35 40 45 50 5 55 60 LABOR (Hours) substitution Suppose that Raya's initial budget line was then changed to BC's ; therefore, Raya's optimal time allocation choice shifted from B to C. income As a result of this change, Raya's opportunity , and she chose to consume _ leisure. Consequently, in this region, the effect dominates the effect. The corresponding portion of Raya's labor supply curve is Grade It Now Save & Continue Continue without saving O MOCO hp965/7&id=1990099467&snapshotld-380 ALEKS -ONLINE Qu. ~ C4ELink: Log in to t.. CENGAGE | MINDTAP Homework (Ch 21) 16 14 12 WAGE (Dollars per hou 10 A N 10 15 20 25 30 35 40 45 50 55 LABOR (Hours) backward sloping initial budget line was BC2 and that it then changed to BC3; therefore, Raya's optimal time allocation choice shifted from B to C. ange, Raya's opportunity cost of leisure , and she chose to consume _ leisure. Consequently, in this region, upward sloping effect dominates the effect. The corresponding portion of Raya's labor supply curve is Grade It Now Save & Continue Continue without saving O MO hp