Examlex
The table speed can be expressed as:
I. d = R/T
II. d = R + S/t
III. d = S * P/t
Income Effect
Describes how a change in an individual's income affects their purchasing decisions.
Substitution Effect
The shift in buying habits because of variations in the prices of different products, causing individuals to substitute pricier options with more affordable ones.
Labor Supply
The total hours that workers are willing and able to work at a given wage rate in an economy.
Time Allocation
The decision about how many hours to spend on different activities, which leads to a decision about how much labor to supply.
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