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Explain the backward-bending supply curve of labour

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Reference no: EM132617612

1. Explain, with the aid of a graph, the effect of an increase in income on the equilibrium price and quantity of wine if wine is a normal good.

2. Using your own example/scenario, explain the backward-bending supply curve of labour.

3. Explain the impact on the equilibrium wage rate and the equilibrium level of employment if the number of employers in the market decreases. (Note: No graph required.)

Reference no: EM132617612

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