Using calculus, show the effect of a change in the wage on the amount of leisure an individual wants to consume. The effect of a change in the wage, w, on leisure, L, is O A. ƏL dw OB. ƏL dw OC. ƏL dw O D. ƏL dw = = = = ƏL dw ƏL dw ƏL dw ƏY dw U constant U constant U constant +L ƏL + (*) (*) dY dw +L U constant ƏL dY +L ƏY dw L (OV). dY

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Using calculus, show the effect of a change in the wage on the amount of leisure an individual wants to consume.
The effect of a change in the wage, w, on leisure, L, is
O A. ƏL
dw
O B. ƏL
dw
O c. ƏL
dw
O D. ƏL
dw
=
ƏL
dw
=
ƏL
ƏL
=
(ONE ) + (11) (1)
dw
dY dw
U constant
ƏL
U constant
이름 이름
dwu constant
+L
OE. both A and B.
+L
dwu constant
ƏL
dY
+L
ƏY
dw
ƏL
dY
Transcribed Image Text:Using calculus, show the effect of a change in the wage on the amount of leisure an individual wants to consume. The effect of a change in the wage, w, on leisure, L, is O A. ƏL dw O B. ƏL dw O c. ƏL dw O D. ƏL dw = ƏL dw = ƏL ƏL = (ONE ) + (11) (1) dw dY dw U constant ƏL U constant 이름 이름 dwu constant +L OE. both A and B. +L dwu constant ƏL dY +L ƏY dw ƏL dY
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