how is the income effect negative when the graph is positive. The number of hours worked increases at W2 so the income effect should be positive isn't it?
that's because some people are satisfied with the high wages and decided against working more hours whereas people with low wages tend to work more to achieve the same amount of income.
Well, for me it ranges from 100 to 500 billion dollars. I can't go below that cuz I want to solve some serious problems faced by humanity today.
how is the income effect negative when the graph is positive. The number of hours worked increases at W2 so the income effect should be positive isn't it?
substitution effect will always be positive at any wage increase?
Thanks for this!
hi!... im kinda confused and will appreciate some assistance in understanding please
why income effect is negative
that's because some people are satisfied with the high wages and decided against working more hours whereas people with low wages tend to work more to achieve the same amount of income.
Elon Musk credit card...😏
Anyone cleared??
Yes
5 billion
thanks omg
10billion
10000000000000M
4 BILLION
Good number.