Homework (Ch 21) Back to Assignment Attempts 13 Keep the Highest 1.373 11. The backward-sloping labor supply curve Rina has 10 hours per week to devote to working or to lesure. She la paid an hourly wage and can work at her job as many hours a week as she likes The following graph ilustrates Rina's weekly Income-leisure tradeoff. The three lines labeled BC, BC, and BC) ilustrate her time allocation budget at three different wages; points A, B, and show her optimal time allocation cholces along each of these constraints 1600 BC BC 900 INCOME (Dollars 81 +1 BO 400 HO INCOME (Dolar +1 BG 40 25 30 35 LEISURE (Hours) For each or the points isted, use the preceding graph to complete the following table by indicating the hourly wage at each point and how many hours per week Rina will spend during leisure activities versus working age Leisure Point (Dollars per hour) (Hours) (Hours) Labor A 8 C Based on the data you entered in the preceding table, use the orange curve (square symbols) to plot Rina's labor supply curve on the following graph, showing how much kubor she supplies each week at each of the three wages, a Search Homework (Ch 21) showing how much labor she supplies each week at each of the three wages. ? 24 22 20 Labor Supply 18 TO 14 WAGE (Dollars per hour 12 10 6 0 . 10 45 30 55 00 1520 LADOR (Hours) Suppose that Rina's initial budget line was BC; and that it then changed to BC therefore, Rina's optimal time allocation choice shifted from A to As a result of this change, Rina's opportunity cost of leisure and she chose to consumt leisure. Consequently. In this region the effect dominates the effect. The corresponding portion of Rina's labor supply curveis Grade Now Save & Continue Cantine without