Business, 16.03.2020 23:17 selamh1999
Joe, Patrick, and Adam are friends. They have the same preference over consumption and leisure. Joe has two jobs. He auditions for sitcoms during daytime and works at CVS at night time. Patrick works from 9 to 5 as a curator at a local museum. Adam is a partner of a law firm and works over time almost every week. Clearly both Joe and Adam work more than Patrick. This is because: 1. in both cases income effect dominates. 2. for Joe income effect dominates while for Adam substitution effect dominates. 3. for Joe substitution effect dominates while for Adam income effect dominates. 4. in both cases substitution effect dominates
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Joe, Patrick, and Adam are friends. They have the same preference over consumption and leisure. Joe...
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