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QUESTION
The overtime wage becomes 1.5 times the normal wage. Draw a budget constraint showing an overtime premium that takes effect for hours worked in...
The overtime wage becomes 1.5 times the normal wage. Draw a budget constraint showing an overtime premium that takes effect for hours worked in excess of 40 hours per week. Suppose a worker is maximizing utility by working 40 hours per week in the absence of an overtime premium. Will the overtime premium make this worker want to work more or less?
