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Critical_thinking_question: -_In_the_labor-leisure_choice_model,_what_is_the_price of_leisure? -_Think_about_the_backward-bending_part_of_the_labor supply_curve._Why_would_someone_work_less_as_a_result of_a_higher_wage_rate? -_What_would_be_the_substitution_effect_and_the income_effect_of_a_wage_increase? -_What_do_you_think_accounts_for_the_wide_range_of savings_rates_in_different_countries? -What_assumptions_does_the_model_of_intertemporal choice_make_that_are_not_likely_true_in_the_real_world_and would_make_the_model_harder_to_use_in_practice?

Critical_thinking_question:

-_In_the_labor-leisure_choice_model,_what_is_the_price

of_leisure?

-_Think_about_the_backward-bending_part_of_the_labor

supply_curve._Why_would_someone_work_less_as_a_result

of_a_higher_wage_rate?

-_What_would_be_the_substitution_effect_and_the

income_effect_of_a_wage_increase?

-_What_do_you_think_accounts_for_the_wide_range_of

savings_rates_in_different_countries?

-What_assumptions_does_the_model_of_intertemporal

choice_make_that_are_not_likely_true_in_the_real_world_and

would_make_the_model_harder_to_use_in_practice?

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