Labor Market Lab Assignment There are three parts to the Lab. 1. Professor Smart wants her son, Adam, to get a job. Adam's father suggests that Adam should continue to get an allowance only if he gets a job. Ada m's mother suggests Adam should not get an allowance more whether he gets a job or not. A. What economic concept might Ada m's mother know about? B. Which plan does your group think is the best? WHY? (discuss and vote) 2. Group Labor Supply. Complete the chart below by filling in the top three activities you like to do in your leisure time, then fill in the next three columns for three other people in your lab group. Chart A Student Put your name Person 1 Person 2 Person 3 Name here We know the opportunity cost of work is leisure time. This means for every hour you work you give up something else you'd like to be doing. If the University offered you a job mowing the grass on campus using a manual push mower (hard workl), how many hours per week would you work at the wage rates in the chart below? Are there wages that are too low for you to work at all? Is there a point at which you are ma king enough money per week and you can cut back on work to have more leisure? After you fill in the hours you'd work, fill in the same information for the three people in the chart above. Total the quantity of hours for each wage rate in the last row and use this to create a labJsupply curve for your group