What would the supply of labor curve look like over wages

Reference no: EM13235173

1. (Substitution and Income Effects) Suppose that the substitution effect of an increase in the wage rate exactly offsets the income effect as the hourly wage increases from $12 to $13. What would the supply of labor curve look like over this range of wages? Why?

2. (Craft Unions) Both industrial unions and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.

Reference no: EM13235173

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