Answer:
substitution and income effects will counteract each other totally
Explanation:
A labor supply curve is an economic analysis tool that shows the number or workers that are available to work or that can work at various wage rates.
The labor supply curve can either be bending backwards or sloping downwards or upward curving but it shows the relationship between labour and wage rates.
A labor supply curve can be affected by factors such as population, changes in social behaviour, opportunities in other markets, among other things.
From the above question, it is seen that a change in wage rate for Anthony from $25 to $29 does not affect his work hours positively of negatively. His work hours is the same despite the increase in hourly wage.
The effect of the Anthony sticking to 40 hours of work despite an increase in wage, which could have served as some motivation for him to put in more hours is his labor curve remains same. An increase in wage has done noting to affect the number of hours he works and as such his income vs work rate counters each other.
Cheers.
Was horrible for growing crops if I remember correctly
Bond valuation:
<span>Par value = Maturity value = FV = $1,000 </span>
<span>Coupon rate = 7.5% </span>
<span>Years to maturity = N = 19 </span>
<span>Required rate = I/YR = 5.5% </span>
<span>(Coupon rate)(Par value) = PMT = $75 </span>
<span>PV = $1,232.15</span>
