Explain with diagram how does the labour leisure tradeoff determine th

1.	Explain with diagram how does the labour leisure tradeoff determine the supply of labour
Answer» ong>Answer: In ECONOMICS, a backward-bending supply curve of LABOUR, or backward-bending labour supply curve, is a graphical device showing a situation in which as REAL (inflation-corrected) wages increase beyond a certain LEVEL, people will substitute leisure (non-paid TIME) for paid worktime and so higher wages lead to a decrease in the labour supply and so less labour-time being offered for sale.

Explain with diagram how does the labour leisure tradeoff determine the supply of labour

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ong>Answer:

In ECONOMICS, a backward-bending supply curve of LABOUR, or backward-bending labour supply curve, is a graphical device showing a situation in which as REAL (inflation-corrected) wages increase beyond a certain LEVEL, people will substitute leisure (non-paid TIME) for paid worktime and so higher wages lead to a decrease in the labour supply and so less labour-time being offered for sale.

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Explain with diagram how does the labour leisure tradeoff determine the supply of labour​

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Explain with diagram how does the labour leisure tradeoff determine the supply of labour