A worker views leisure and income as goods and has an opportunity to work at an hourly
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Question:
A worker views leisure and income as "goods" and has an opportunity to work at an hourly wage of $16 per hours.
a) Illustrate the worker's opportunity set in a given 24-hour period.
b) Suppose the worker is always willing to give up $10 of income for each hour of leisure. Do her preferences exhibit a diminishing marginal rate of substitution? How many hours per day will she choose to work?
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