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solve problem 9 and 10 Problem 9 Calculate the hours of work (T-L) for the Income Leisure model under the following circumstances. Yn = 0.

solve problem 9 and 10

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Problem 9 Calculate the hours of work (T-L) for the Income Leisure model under the following circumstances. Yn = 0. T - T. W - w and U = IL Why do we use parameters and not numbers? (Hint= easy to change numbers rather than calculating every time) Problem 10 Calculate the equilibrium level of wages under the following situation: Situation I Wages = 10,000 - L (Demand) Wages = 1,000 + L (Supply) Situation II Wages = 10,000 - L (Demand) Wages = 1,000 + 2(Supply)

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