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Suppose you have 16 waking hours per day which you can allocate between leisure and working for a wage of $10 an hour Draw your budget constraint between leisure measured in hours) and income

Suppose you have 16 waking hours per day, which you can allocate between leisure and working for a wage of $10 an hour. Draw your budget constraint between "leisure" (measured in hours) and "income" (measured in dollars). b. Suppose you invent a pill that enables you to get by on four hours of sleep a night, so that you now have 20 waking hours per day. Is it possible that you will now choose to work fewer hours than before?

Apr 06 2020 View more View Less

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