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1、CHAPTER22-1.Howmanyhourswillapersonallocatetoleisureactivitiesifherindifferencecurvesbetweenconsumptionandgoodsareconcavetotheorigin?Aworkerwilleitherworkallavailabletimeorwillnotworkatall.AsdrawninFigureA,pointBispreferredtopointsAandC.Thus,theworkerchoosesnottoenter
2、thelabormarket.AsdrawninFigureB,pointCispreferredtobothpointsAandB.Thus,theworkerchoosesnottoconsumeanyleisureandworkallavailabletime.FigureAFigureBGoodsGoodsCCU1U1AAU0U0BBHoursofLeisureHoursofLeisure2-2.Whatistheeffectofariseinthepriceofmarketgoodsonaworker’sreservat
3、ionwage,probabilityofenteringthelaborforce,andhoursofwork?Supposethepriceofmarketgoodsincreasesfromptop′andtheperson’snon-laborincomeisV.Ifshechoosesnottowork,shecanpurchaseV/p′unitsofconsumptionafterthepricechange,whereasshecouldhaveconsumedV/punitsofconsumptionprior
4、tothepriceincrease.Thus,herendowmentpointhasmovedfromEtoE′inFigureA.Aslongasleisureisanormalgood,theindifferencecurveissteeperaswemoveupaverticalline,indicatingthattheslopeoftheindifferencecurveissteeperatEthanatE′.Thus,anincreaseinthepriceofgoodslowersthereservationw
5、ageandmakesthepersonmorelikelytowork.1FigureA.GoodsEV/pE′V/p′0THoursofLeisureTosimplifytheillustrationoftheeffectonhoursofwork,assumeforsimplicitythatV=0.TheincreaseinthepriceofgoodsshiftsthebudgetlinefromFEtoGE,movingtheworkerfromPtopointR.Thisshiftinducesbothanincom
6、eeffectandasubstitutioneffect.Thepriceincreaseineffectlowerstheperson’srealwagerate,increasingthedemandforleisureandleadingtofewerhoursofwork.ThissubstitutioneffectisillustratedbythemovefrompointPtopointQinFigureB.Thepriceincreasealsoreducestheworker’swealth,loweringt
7、hedemandforleisureandleadingtomorehoursofwork.ThisincomeeffectisillustratedbythemovefromQtoR.Asdrawntheincomeeffectdominatesthesubstitutioneffectandthepriceincreaselowersthedemandforleisureandincreaseshoursofwork.Itis,ofcourse,possibleforthesubstitutioneffecttodominat
8、etheincomeeffect(notpictured),sothathoursofworkdecreases.Thus,withoutfurtherrestrictionsonpreferences,anincreaseinthepriceof
