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With the basic income-leisure choice model, show possible labor supply curve for the followings. a. The poor who are at a minimum subsistence and who
With the basic income-leisure choice model, show possible labor supply curve for the followings.
a. The poor who are at a minimum subsistence and who aspire to middle-class consumption patterns.
b. "workaholics" who have strong preferences for labor market work.
c. The wealthy who aspire to be idle rich. d. Workers who are reluctant to change their work hours.
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