Question
Here are questions about choice models involving labor and savings decisions: (a) In the Consumer Choice Model, how was the price of an hour of
Here are questions about choice models involving labor and savings decisions:
(a) In the Consumer Choice Model, how was the price of an hour of leisure time measured? [3 points]
(b) In the Intemporal Choice Model (when income generated from savings were tax), how was the price of saving $1 today measured? [3 points]
(c) What common theme/concept links the answers in parts (a) and (b) together? Discuss. [3 points]
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Economics
Authors: Paul A. Samuelson, William Nordhaus
19th edition
978-0073511290, 73511293, 978-0073344232, 73344230, 978-007351129
