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wages are represented by W

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4. Alice?s wages are represented by W = 1/3 (abH1/3);a. What is her labor supply elasticity? Show all your math.;b. Is her labor supply elastic or inelastic?;c. Interpret the elasticity's numerical value from part b.;d. Which effect dominates? The substitution effect or income effect?

 

Paper#21329 | Written in 18-Jul-2015

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