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Define the budget constraint

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Reference no: EM133551211

Question: The budget constraint is a fundamental concept in labor economics.

a. Define the budget (wage) constraint.

b. What is the relationship between the slope of the budget constraint and the wage rate?

c. Sarah has an hourly wage rate of $10. Draw her budget constraint.

d. Suppose Sarah's hourly wage rate increases to $20 per hour. Draw her new budget constraint on the graph from part c)

Reference no: EM133551211

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