Hi there , just wanted to thank you for your help . a month ago I watched this video before my economics paper and this came out in the exam. got my results today and I passed. ThAnk you again.
Dal i love the balance on your channel, you give people beyond spec knowledge as well as everything we could possibly need to know for the exams! So glad i found your channel and keep it up mate :D
THANK U SIR..THIS IS VERY VERY UNDERSTANDABLE AND HELPFUL..YOUR VIDEO IN PARTICULAR HELPED ME MAKING NOTES OF THIS TOPIC WITHOUT SEEING ANY BOOK AS MY EXAM IS ON 3OTH MAY 1ST YEAR..THANK U SO MUCH
I thought the less work was due to the achievement of work being accomplished through others. Mangers tend to work less as the years go by but the salary still increases.
It essentially means at a certain amount of hours (after wages have been increased) we are satified by the income. Imagine you are making £80,000. At this point you may feel you are working enough hours and would rather use more hours for leisure. Remember that this is all in terms of time used, as that is what we are selling.
@@kevin__7459 how can you just choose to work fewer hours at the same wage rate? There’s a minimum amount of hours you have to work or fixed amount of hours
@@saintprodigy9670 Not that you choose, but the benefit of it is reduced. Hence you would rather do less work/more leisure or even take less shifts, like LOCUM Doctors who make high amounts of money and choose how many shifts they do. They average 400 pounds a shift so at a certain point don't need any more money, won't take any more shifts. But yes in a good portion of jobs, you have to work a fixed amount regardless.
For the second section of the graph, are you not showing that the rate is getting higher like an exponential graph?I don't get how the rate is slowing?
But if wages fall, then surely there is a negative substitution effect as there is less incentive to work????? but a positive income effect as there is an inverse relationship whereby as incomes fall you work more (to meet the target)???
How in 3rd stage when labour supply curve get backward subsitution effect is still Positive It must be negative ... We have only 24 hrs of work to do.... After reaching a target income individual will not work he will go for more leisure..... Will work less
@@austinwachira5185 is it though? I don’t get the point she’s making. She contradicts her self at the end since it proves why workers have a positive substitution effect. The opportunity cost for the worker for leisure time is greater than working more hours because they’ve reached their target income therefore they’re benefiting from it.
