Graph the Labor Supply Curves Based on the Statements Below

question 96

Essay

Graph the labor supply curves based on the statements below.
a.I hate working! I am never going to work!
b.I want to earn as much money as I possibly can so I can buy everything on my wish list.Every time I get a raise it makes me want to work more because I can earn even more money.I don't think I would ever work less,not even if the wage were a million dollars.
c.Money is necessary,but it's not the most important thing to me.If I received increased wages,I would probably work more for a while,but once my pay was high enough,I would work less.

---

Definitions:

Price Index

A statistical measure that examines and tracks the changes in price levels of a basket of goods and services over time, used to measure inflation or cost of living changes.

GDP Deflator

A metric reflecting the price rates of freshly created, domestically made, final goods and services in an economic system.

Consumer Price Index

An indicator that evaluates the weighted average cost of a collection of consumer products and services like healthcare, food, and transportation.

Purchasing Power

The worth of a currency represented by how much goods or services can be purchased with one unit of that currency.