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Your friend is saying that he wants to quit his job if he becomes rich. In fact, some people seem to dream about quitting their
Your friend is saying that he wants to quit his job if he becomes rich. In fact, some people seem to dream about quitting their jobs after becoming rich. However, many people who have high income do not quit their jobs even after becoming rich (i.e. accumulating wealth) (Think about famous entrepreneurs.). Can you make sense of both observations? Explain using what we have learned in class about substitution and income effects
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