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Can someone please help with this economics question? Link to textbook: https://www.core-econ.org/project/core-the-economy/ Consider Alexei who makes $1,400 per week and just won a 'set for
Can someone please help with this economics question?
Link to textbook: https://www.core-econ.org/project/core-the-economy/
Consider Alexei who makes $1,400 per week and just won a 'set for life' lottery ticket which involves a fortnightly payment of $10,000 for 20 years. Currently he works 35 hours per week. Now do the following: o Illustrate the effect of the lottery win on Alexei's budget constraint using a fully labelled diagram where i) the horizontal axis represents the hours of free time per week, and ii) the vertical axis represents Alexei's weekly consumption. 0 Illustrate on the same diagram Alexei's optimal decisions before and after the lottery win along with his indifference curves. 0 Based on your diagram, discuss whether Alexei will quit his jobStep by Step Solution
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