How a change in technology influence choice variables

Reference no: EM132199802

Question - Explain how Becker's model of household choice differs from the labor-leisure model. What are the decision variables for the household? What is the household production function?

a) Explain how a change in technology influence choice variables?

b) Explain how the substitutability between market and household work influence choice variables?

c) Explain how changes in preferences regarding household work over time influence choice variables?

d) Explain how the presence of children affect choice variables?

e) Discuss how an extension of this model might include the number of children "time intensive commodity" as a choice variable. Would you expect the wealthier families to have more or fewer children? Explain why.

Reference no: EM132199802

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