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Question: Assume optimum labor time of a worker is positive.
a) Draw the indifference curves and budget line of that worker. Show the optimum level of his labor time.
b) Assume the non-labor income of that worker has decreased. Draw on a second graph indifference curves, new and old budget line of the worker.
c) Assume wage rate of that worker has decreased and income effect is dominating the substitution effect. Draw a third graph showing this case. Show new and old budget lines. New and old optimum points.
d) Show on the same graph you have drawn on part c the income and substitution effects.
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Agree or disagree, explain in words (one or two paragraphs) and illustrate using production possibility frontiers and community indifference curves.
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