Illustrate causes changes in expenditure components of gdp

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Q. Illustrate what do you think causes changes in each of the expenditure (spending) components of GDP thereby causing changes in our economy's output, employment, and income levels?

Q. Wendy works at a fast-food restaurant. When her wage rate was $5 per hour, she worked 30 hours per week. When her wage rate rose to $6 per hour, she decided to work 40 hours. But when her wage rate rose further to $7, she decided to work only 35 hours.

Draw Wendy's individual labor supply curve. b. Is Wendy's behavior irrational, or can you find a rational explanation? Explain your answer.

Reference no: EM1346314

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