The figure given below shows a backward-bending labor supply curve for an individual. In the figure below, when the wage rate rises above $12, the substitution effect outweighs the income effect.
Figure 12.5
Definitions:
Set Of Data
A collection of data values or points, whether numerical or categorical, gathered from a study or observational process.
Mode
The value appearing with the greatest frequency in a dataset.
Median
The middle value in a list of numbers sorted in ascending or descending order, or the average of the two middle numbers when the list has an even number of values.
Mathematical Average
The sum of a list of numbers divided by the count of numbers in the list, commonly referred to as the mean.
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