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Explaining the reasons for any changes you identify

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Consider a typical family consisting of two working (in the market for pay) parents and their two children. One of the spouses is then given a substantial raise. Speculate how this familys allocation of time might change, explaining the reasons for any changes you identify. As part of your answer, define the terms income effect and substitution effect as they relate to changes in work hours.

Reference no: EM133131200

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