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13. Using the Labor-Leisure Model, explain with words, graphs, and math expressions how a person's labor supply is determined. In particular: a. Explain the budget
13. Using the Labor-Leisure Model, explain with words, graphs, and math expressions how a person's labor supply is determined. In particular: a. Explain the budget line facing a person deciding between Leisure h and Income M. Graph this. b. As the wage w increases, show what happens to this budget line. c. Graph the indifference curves for a person who seems to equally enjoy both more income and more leisure time. Explain. (1. Utility Maximize. Using the indifference curves and budget line, show and explain how a person decides how many hours to work. Explain
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