What would happen to your demand for leisure

Reference no: EM131864235

Problem

If you won the state lottery and got a big increase in non-labor income,

• What would happen to your supply of labor?
• What would happen to your demand for leisure?
• What does this imply about the response of the consumer's labor supply to changes in wage rate?
• Is there a substitution or income effect?

Reference no: EM131864235

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