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Write down the budget constraint equation as well as the choice set for a worker who has 100 possible hours of leisure per week and can earn a wage of $25 per hour.
Pigouvian Subsidy
A subsidy on goods or services that have positive externalities, aimed at encouraging activities that are beneficial for society.
External Benefits
The positive effects or advantageous consequences of a product or service that are enjoyed by individuals or groups who did not directly purchase or consume the product or service.
Pigouvian
Relating to taxes or policies introduced to correct the effects of negative externalities in the market.
Public Park
A space, whether natural, partially natural, or man-made, dedicated to recreational activities for humans or the conservation of wildlife and natural ecosystems.
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