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Question 3: Labor Supply a. Akhila is about to enter the job market. Complete the table below, depicting Akhila's marginal benefit from hours of leisure.
Question 3: Labor Supply a. Akhila is about to enter the job market. Complete the table below, depicting Akhila's marginal benefit from hours of leisure. Hours of Leisure Total Benefit ($) Marginal Benet ($) b. Kevin, Akhila's friend, has a labor supply schedule, provided below. Plot Akhila and Kevin's labor supply curves on the same set of axes, with hours of labor on the horizontal axis. You may assume that they can work in fractions of an hour, and that any hour of the day not Spent working is considered an hour of leisure. Hourly Wage ($) Hours worked by Kevin 15 4 2G 5 25 6 c. What is the difference between Kevin and Akhila's supply of labor at wages higher than $25? In your answer, mention the role of income and substitution effects
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