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stock-vector-labor-day-a-group-of-people-of-different-professions-on-a…
Utility Maximization
Combine
Budget
Indifference
Steep
Indulgent
MRS>Wage
Flat
Workaholic
MRS<Wage
Intersecting :red_cross:
MRS
Slope
Labor Supply :curly_loop:
Backward-Bending Individual Labor Supply Curve
Effects
Substitution :question:
Income :arrow_down: : Wage :arrow_down:
Income :question:
Income :arrow_up: :Leisure :arrow_down:
Wages
:arrow_down:
Substitution < Income : Work Hours :arrow_up:
Substitution > Income : Work Hours :arrow_down:
:arrow_up:
Substitution > Income : Work hours :arrow_up:
Substitution < Income : Work Hours :arrow_down:
