Tim has 24 hours a day to spend on either labor or leisure (H). He earns...

Tim has 24 hours a day to spend on either labor or leisure (H). He earns a wage w per hour which he uses to buy some consumption of amount C. (i)

(3 points) Write out Tim’s budget constraint.Graph Tim’s budget constraint. Why will the budget constraint never shift right? Why will the budget constraint never shift left? For full points, make sure to label all axes and find the intercepts.

Expert Solution

Rahul Sunny answered 1 year ago

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