What is the reason behind the existence of some many estimates
of elasticity of supply:
A.
wages are measured imprecisely
B.
hours of work are measures imprecisely
C.
a reference time period for elasticity estimation is not clearly
defined
D. All of the above
Marginal utility of leisure is________, and marginal utility of
consumption is_________.
A.
positive; negative
B.
negative; positive
C.
positive; positive
D.
negative; negative
What is the budget line for consumption (C) and leisure (L) if a...