30000 28000 26000 24000 22000 20000 18000 16000 14000 12000 10000 8000 $ of consumption per year Warren 6000 4000 2000 333 0 0 200 400 600 1166 sample indifference curves 800 1000 1200 1400 1600 1800 2000 2200 Hours of leisure per year Figure 2 30000 Shannon 28000 26000 24000 22000 20000 18000 16000 14000 12000 10000 8000 $ of consumption per year sample indifference curves: 6000 4000 2000 333 0 200 400 600 1166 800 1000 1200 1400 1600 1800 2000 2200 Hours of leisure per year Suppose all workers have 2000 hours to spend in work or leisure. Figure 2 displays sample indifference curves and a budget constraint corresponding to no income redistribution program for Shannon.

30000 28000 26000 24000 22000 20000 18000 16000 14000 12000 10000 8000 $ of consumption per year Warren 6000 4000 2000 333 0 0 200 400 600 1166 sample indifference curves 800 1000 1200 1400 1600 1800 2000 2200 Hours of leisure per year Figure 2 30000 Shannon 28000 26000 24000 22000 20000 18000 16000 14000 12000 10000 8000 $ of consumption per year sample indifference curves: 6000 4000 2000 333 0 200 400 600 1166 800 1000 1200 1400 1600 1800 2000 2200 Hours of leisure per year Suppose all workers have 2000 hours to spend in work or leisure. Figure 2 displays sample indifference curves and a budget constraint corresponding to no income redistribution program for Shannon.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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