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Teaching Since: Apr 2017
Last Sign in: 363 Weeks Ago, 6 Days Ago
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  • MBA,PHD in Psychology
    Northwest Florida State College
    Jun-1992 - May-1997

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    Northwest Florida State College,
    Aug-2006 - Nov-2015

Category > Economics Posted 05 May 2017 My Price 9.00

Joe won $365,000

Joe won $365,000 a year for life in the state lottery. Use a labor-leisure choice analysis to answer the following questions:

a. Show how Joe’s lottery winnings affect the position of his budget line.

b. After winning the lottery, Joe continues to work the same number of hours each day. What is the income effect of Joe’s lottery gains?

c. Suppose Joe’s employer the same week increases Joe’s hourly wage rate. Use the income effect you derived in part b as well as the substitution effect to analyze whether Joe chooses to work more hours per week. V

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Status NEW Posted 05 May 2017 01:05 PM My Price 9.00

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