Draw indifference curves that are consistent

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Reference no: EM131808403

Ryan is a plumber. He charges $10 per hour for his work and he can work as many hours as he likes. Ryan has no source of income other than his labor. He has 168 hours per week to allocate between labor and leisure. On a graph, draw Ryan's budget set, showing the various combinations of weekly leisure and income that Ryan can afford.

Ryan has convex preferences and no kinks in his indifference curves. On the graph, draw indifference curves that are consistent with his choice of working hours when he was self-employed and when he worked for Glitz and Drywall.

Reference no: EM131808403

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