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A worker views leisure and income as goods and has an opportunity to work at an hourly wage of $10 per hour. a.) Illustrate the
A worker views leisure and income as "goods" and has an opportunity to work at an hourly wage of $10 per hour.
a.) Illustrate the worker's opportunity set in 24-hour period.
b.) Suppose the worker is always willing to give up $12 dollars 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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