Use the labor-leisure choice model to illustrate graphically

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Reference no: EM131002570

For each group identified in bold type below, use the labor-leisure choice model to illustrate graphically and then explain the change in the quantity of leisure desired. Be sure to explain how the group’s labor force participation rate is affected.

a) The earnings of married men have decreased, thereby reducing the non-wage incomes of married women.

b) Real wage rates for women have increased. Further, the substitution effect for women is stronger than the income effect.

c) Real wage rates for men have increased. Further, the substitution effect for men is dominated by the income effect.

d) Married women exhibit a stronger preference for market work over other non-market uses of time.

e) Social Security has increased benefits and widened coverage for older citizens.

Reference no: EM131002570

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