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select from a) upward sloping/ downward sloping, larger/smallerb) upward sloping/ downward sloping, larger/smaller Two individuals, James and Xiao, derive utility from leisure and other goods.

select from a) upward sloping/ downward sloping, larger/smallerb) upward sloping/ downward sloping, larger/smaller

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Two individuals, James and Xiao, derive utility from leisure and other goods. To maximise utility, they allocate 24 hours in the day between work (for which they can earn wage w) and leisure. The price of other goods is $1. Given the following information: James Xiao price of wage leisure other other leisure OG goods goods $1 $45 14 450 18 270 $1 $60 16 480 16 480 $1 $70 17 490 15 630 a) draw James' leisure demand curve. Which effect, substitution or income, is larger for him? . James' leisure demand curve is [ Select ] . SE is [ Select ] + than IE b) draw Xiao's leisure demand curve. Which effect, substitution or income, is larger for him? . Xiao's leisure demand curve is [ Select ] . SE is [ Select ] * than IE

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