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Labor Economics Quiz: Understanding Substitution and Income Effects in Labor Supply Theory, Quizzes of Market economy

Missouri State University (MSU)Market economy

A quiz for economics 310, a university course in labor economics. The quiz consists of an essay question and multiple-choice questions. The essay question asks students to define substitution and income effects in labor supply theory, and to use a labor supply model to determine the impact of a wage increase on an individual's labor/leisure choices. The multiple-choice questions cover topics such as employment losses in labor markets, wage streams, present value calculations, training costs, and reservation wages. Students are required to answer the essay question on paper and to fill out the answer sheet for the multiple-choice questions.

Typology: Quizzes

Pre 2010

Uploaded on 07/23/2009

koofers-user-y39 🇺🇸

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Download Labor Economics Quiz: Understanding Substitution and Income Effects in Labor Supply Theory and more Quizzes Market economy in PDF only on Docsity! 1 Reed Olsen Quiz II Economics 310 Spring 2003 (5 points) Answer the following essay question, writing only on the paper provided: 1. Briefly define what is meant by a substitution effect and an income effect in labor supply theory. Using the labor supply model developed in class show the impact of a wage increase upon an individual’s labor/leisure choices. How much of the total change in hours devoted to leisure (and labor) result from the substitution effect, from the income effect? Using your graph, briefly comment on the directions of both effects (does the effect increase or decrease labor supply?) and their relative magnitudes (which effect is largest?). Briefly explain your answer.

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Labor Economics Quiz: Understanding Substitution and Income Effects in Labor Supply Theory, Quizzes of Market economy

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