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Your employer asks you to start working out of the main office, which will involve commuting by subway for 3 hours every day. Subway tickets are free. However, you are not paid for commuting time, and commuting time is NOT considered leisure. Graph your new budget constraint, and label it carefully. [Hint: What is the largest amount of leisure you could take while still earning labour income?]
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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