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Now, instead of taking Bill's hours as given, analyze the decision by both Bill and Vanessa in terms of labour supply, putting consumption in the
Now, instead of taking Bill's hours as given, analyze the decision by both Bill and Vanessa in terms of labour supply, putting consumption in the background. First, if Bill decided to work 45 hours after this wage change, what can we say about his income and substitution effects? What would happen to Vanessa's labor supply
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