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Even though wages have increased substantially over the last two centuries, workers now spend fewer hours working (and more hours in leisure) than ever before. Using a diagram of the constrained optimisation model for a worker (and assuming there has been no change in workers' time endowment), explain why increases in wages over time have led to an increase in leisure hours (and a decrease in work hours). Of the income and substitution effects, which is likely to have caused this change?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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