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A A B Leisure Leisure C . For the graph that you identified as John is an experienced driver, disaggregate the change in behavior according
A A B Leisure Leisure C . For the graph that you identified as John is an experienced driver, disaggregate the change in behavior according to substitution effect and income effect. 2. The article states: "many taxi drivers work longer hours on days when business is slow and shorter hours when business is brisk - the opposite of what economic rationality, to say nothing of common sense, would seem to dictate." Why is working longer hours on slow days considered irrational by economists?We see two graphs below, one is John's new optimal point in the snowstorm when he is a new Uber driver and one is when he is an experienced Uber driver. According to the information in the article, label them "newbie driver" and "an experienced driver." Why ? John is a John is a Income Income B A A B Leisure Leisure C. For the graph that you identified as John is an experienced driver, disaggregate the change in behavior according to substitution effect and income effect.Learning Objectives: At the end of this resource students will be able to: 1. Identify substitution and income effects on a graph. 2. Compare and contrast two different sets of indifference curves. 3. Apply consumer choice concepts to the more abstract good choice of income and leisure. Economics Vocabulary Used: Supply, demand, equilibrium, substitution effect, income effect Now answer the following worksheet and upload your word file with a solution. Worksheet Questions: 1. Suppose John drives for Uber and he starts out with this as his optimal point.
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