If the demand starts at D2, and decreases to D1, the equilibrium price will decrease, and . Uploader Agreement. . .themesflat_header_wrap.header-sticky #header { background:#ffffff;} 6.88, as the rate of wage (W) increases, L diminishes and L* = 24 L increases. 17.Suppose a consumer is initially endowed with a positive amount of two goods, sells some of one to get more of the other, and has no other sources of income. If leisure were an inferior good, then labor supply curves a. would all be negatively sloped. Vid Vrd D Alla Samlas I En Klunga, How Changes in Income Shift Demand Curves. From the equilibrium analysis of an individual worker between income and leisure at any particular rate of wage, we may now easily derive his supply of labour function with the help of Fig. In order to isolate the SE from the PE, let us allow the individual the rise in W that has already occurred but ask him to behave in such a way that there has been no improvement in his level of satisfaction or real income. 31. The ultimate effect upon the supply of labour would be given by the sum total of these two effects which is the price-effect (PE), or, the total effect. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. In this setting, leisure is simply a good where the price the wage. 6.92. Their dollar figures are translated into percentages. We also use third-party cookies that help us analyze and understand how you use this website. I argued that there were good reasons not to expect to observe Giffen goods in real life. But opting out of some of these cookies may affect your browsing experience. Disclaimer Copyright, Share Your Knowledge
Particular preference maps have been found In other words, the rate of wage and the price of income (pI) in terms of efforts are reciprocal to each other. The remaining part of the day he would enjoy as leisure, and. Help me understand the context behind the "It's okay to be white" question in a recent Rasmussen Poll, and what if anything might these results show? background: none !important; 32. The cookie is used to store the user consent for the cookies in the category "Analytics". #footer a:hover { color:#eb6d2f;} Is the Dragonborn's Breath Weapon from Fizban's Treasury of Dragons an attack? The supply for labor curve is an upward sloping function of the wage rate. How to choose voltage value of capacitors. Questions and Answers for [Solved] If leisure were an inferior good, then labor supply curves A)would all be negatively sloped. The labour supply curve is positive when leisure is normal, and negative when leisure is inferior. The cookies is used to store the user consent for the cookies in the category "Necessary". In Fig. If leisure is an inferior good, what can you say about the slope of the labor supply curve? b. would all be positively sloped. .themesflat-action-box .themesflat-button, .themesflat-action-box .themesflat-button:hover { color:#ffffff;} div#n2-ss-2 .nextend-thumbnail-horizontal .nextend-thumbnail-previous, div#n2-ss-2 .nextend-thumbnail-horizontal .nextend-thumbnail-next, div#n2-ss-3 .nextend-thumbnail-horizontal .nextend-thumbnail-next, div#n2-ss-3 .nextend-thumbnail-horizontal .nextend-thumbnail-previous{display: none}. Analytical cookies are used to understand how visitors interact with the website. For when W or PL rises, leisure becomes a relatively dearer commodity, and so the individual will want to have less of leisure, i.e., he would work for longer hours and have more of income, i.e., he would substitute income for leisure and the supply of labour will rise, This is the substitution effect of a rise in W, resulting in a rise in the supply of labour. other goods. Finally, few comments on the contradiction I mentioned before: Suppose we have good X which is normal and its price increases. This chapter seeks to review the complex literature on this topic scattered over a wide range of disciplines including anthropology, psychology, psychiatry and sociology. 32. On the other hand, as W rises, the individual would earn more by supplying the same amount of labour, and as his income rises, he would want to buy more of leisure, if leisure is not an inferior good, i.e., he would now work less and his supply of labour will decrease. That evidence has therefore .draw-border.second-color a:hover::before, .draw-border.second-color a:hover::after, .draw-border.second-color button:hover > span::before, .draw-border.second-color button:hover > span::after { border-color:#1e73be !important;} Economists' modern solution to the problem of mapping consumer choices is indifference curve analysis. Main Menu; by School; by Literature Title; . In Fig. The standard Ricardian Equivalence Theorem is arrived at assuming lump- sum taxation, with no deadweight losses accompanying taxation. In the provincial capitals in particular, tourists can obtain a variety of over-the-counter and prescription medications from pharmacies. The cookie is used to store the user consent for the cookies in the category "Other. Because price and quantity supplied usually move in the same direction, the price . An inferior good is not necessarily a good that is defective or made with "inferior" materials. C) leisure is an inferior good. :). It makes leisure more costly--each hour not worked means \$11 less income instead of \$10. A compensated wage increase causes Mr. A to consume fewer hours of leisure, N* and work more hours, H*. If leisure were an inferior good, then labor supply curves a.would all be negatively sloped. Similarly, at the budget line BM or at the rate of wage OB/OM = W2, say, (W2> W1), and at the equilibrium point E2, his consumption of leisure amounts to L2 = OL2 (L2 < L1) and his supply of labour becomes L *2 = L2M = 24 L2, (L*2 > L*1). If leisure were an inferior good, then labor supply curves a.would all be negatively sloped. Since JH < CJ, the magnitude of the IE has been smaller than that of the SE, and there has been a net increase in his supply of labour by CH, and in this case, we would move along the positively sloped portion of his labour supply curve. Since both income and leisure are sources of positive utility (more-is-better) to the consumer, and the MRS between leisure and income is assumed to be diminishing, the indifference map between these two goods for an individual would have negatively sloped and convex-to-the origin ICs. This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. 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This website uses cookies to improve your experience while you navigate through the website. Site design / logo 2023 Stack Exchange Inc; user contributions licensed under CC BY-SA. If OC hours per day is taken as leisure, then the amount of work per day is MC. It is best to consider mainly the average hourly sweat losses of the 18 cane cutters who were studied first when cutting and then loading cane. slopes of the demand and supply curves, in particular, whether they appear flat or steep, and justify why If the good in question is an inferior good, then a reduction in market price will have a smaller impact on demand. 39. How is the "active partition" determined when using GPT? III, Official Imperial College 2023 Undergraduate Applicants Thread, University of East Anglia (UEA) A100 2023 Entry, Plymouth A102 (BMBS with Foundation (Year 0)). Substitution and Income Effect (With Equations)| Consumer. The cookie is used to store the user consent for the cookies in the category "Performance". #mainnav ul.sub-menu > li > a { font-family:Montserrat;} Privacy Policy3. #footer, #footer a { color:#B1B1B1;} lie on the diagram, their shape (preferences) and the level of non wage income. Leisure is a type of consumption good; individuals gain utility directly from it. price increases (increase in wage) then leisure becomes more expensive so the worker You also have the option to opt-out of these cookies. accepted as a matter of course by most economists. If leisure were inferior, then employment and output initially would decrease rather than increase, which would bring about an appreciation in the relative price great enough to cause r(0) to fall. On the other hand, this line shows us that to earn OL1 amount of income, the individual would have to spend efforts of OK (24) hours, and, therefore, to earn each unit of income, he would have to spend OK/OL1 (hrs.) Both income and leisure are desirable (more-is-better) goods. countries, but also in wealthier countries especially during economic Was Galileo expecting to see so many stars? Flytande Silikon Biltema, The consumers budget constraint is, Substituting from (6.126) and (6.127) into (6.124), we obtain. #mainnav > ul > li > a:hover, #mainnav > ul > li.current-menu-ancestor > a, #mainnav > ul > li.current-menu-parent > a { color:rgba(255,255,255,0.7);} ural History of the West Indies (1555 and 1625) are now unreadable, Sterling A. Stoudemire's translated. per hour per kilogramme of body weight. The price of leisure. Is always positively sloped. If the good were inferior and the consumer's income decreases, then this can be illustrated as moving from point A to B C to B E to B B to A Deriving Labor Supply Curves. . .header-sticky #mainnav > ul > li > a, .header-sticky .header-modal-menu-left-btn .text, .header-sticky header .flat-information li, .header-sticky header .flat-information li a, .header-sticky #header .show-search a, .header-sticky #mainnav > ul > li.current-menu-item > a, .header-sticky #mainnav > ul > li a:hover { color:#000000;} It only takes a minute to sign up. Economics Stack Exchange is a question and answer site for those who study, teach, research and apply economics and econometrics. Therefore, the price effect here has been a rise in the amount of leisure by CH and a fall in the supply of labour by the same amount, i.e., by CH. 19. A consumer has preferences over consumption and leisure, both of which are normal goods. If we now superimpose the budget line AM of the worker on his indifference map as has been done in Fig. Let us now come to the supply curve of the individuals labour. For example, on IC1 he gets OD of Y at OC of L, and on IC2 he gets OE of Y (OE > OD) at the same OC of L. In Fig. The ICs here possess all their usual properties. The use of a specific simple utility of the labor supply curve, but requires only that leisure not be an inferior good. 6.87, the point of tangency E between the budget line and one of his ICs, viz., IC2, would be his equilibrium point, for at this point he can reach the highest possible IC, i.e., highest possible level of utility, subject to his budget constraint. Content Guidelines 2. b. which if any of the above three equations represent back-bending labor supply curves? It does not store any personal data. Any advice to achieve A* in A-Level Maths and Chemistry? .page-title{padding-top:240px; padding-bottom:226px; margin-bottom:120px; } On the other hand, if the magnitude of the IE is larger than that of the SE then the PE would be a fall in the supply of labour (L*). Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. If an individual has large expenses and little interest in leisure pursuits, the substitution effect is likely to have more significance. B)would all be positively sloped. MathJax reference. If a good were inferior at a zero level of income, then the good would never be consumed. circa 1973] Stop procrastinating with our smart planner features for Supply for Labour StudySmarter's FREE web and mobile app Get Started Now vertical-align: -0.1em !important; Study Resources. But opting out of some of these cookies may affect your browsing experience. Last modified on Wed 12 Oct 2022 18.00 EDT. School Memorial . the non wage income, keeping preferences constant. Reason behind the decomposition of price effect into substitution and income effects. Necessary cookies are absolutely essential for the website to function properly. If we put the value of W and T (= 24hrs.) The original text, published in 1525, is a beautiful Gothic example of the early Spanish-American chronicle, and is of great rarity. . .themesflat-partner-box{padding-top:67px; padding-bottom:123px; } The cookie is used to store the user consent for the cookies in the category "Analytics". If a person supplies more hours of labor in response to a wage increase, then. hand and survival consideration on the other greatly expands the Flytande Silikon Biltema, The indifference curve theory of consumer behaviour may be applied to derive the supply curve of labour of a worker from his preference-indifference pattern between income and leisure. A change in attitudes toward work and leisure can shift the supply curve for labor. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. #footer{padding-top:114px; padding-bottom:20px; margin-bottom:-80px; } Obviously, blockquote { font-weight:300;} Answer: C Diff: 1 Topic: Deriving Labor Supply . Who is wrong here? First, let's define a Giffen Good. Is measured as foregone earnings. if leisure were an inferior good then labor supply curves. Now, if we plot the combinations of W (which is the same as the price of leisure) and L (leisure) explicitly, in a W-L space, we obtain a curve like DD in Fig. .elementor-widget-flex-slider .wrap-menu > i, .flexslider .flex-direction-nav a:hover i, .tf-carousel-box .owl-nav .owl-prev:hover i, .tf-carousel-box .owl-nav .owl-next:hover i, .number-gradient .elementor-counter-number-wrapper .elementor-counter-number, .number-gradient .elementor-counter-number-wrapper .elementor-counter-number-suffix, .number-gradient .elementor-counter-number-wrapper .elementor-counter-number-prefix, .text-gradient .elementor-widget-container h1, .text-gradient .elementor-widget-container h2, .text-gradient .elementor-widget-container h3, .text-gradient .elementor-widget-container h4, .text-gradient .elementor-widget-container h5, .text-gradient .elementor-widget-container h6, .text-gradient .elementor-widget-container p, .tf-widget-portfolio-wrap .portfolio-filter li.active a, .tf-tabs .tf-tabnav ul > li.active .tab-title-text, .tf-tabs .tf-tabnav ul > li.set-active-tab .tab-title-text, article .entry-meta ul li, .post-meta li, .navigation.posts-navigation .nav-links li a:hover .meta-nav, .blog-list article .entry-meta ul li i { background-image: linear-gradient(180deg,#123e6e 0%, #1e73be 100%); -webkit-background-clip: text;-moz-background-clip: text;background-clip: text;-webkit-text-fill-color:transparent;color:transparent;} (d) workers are irrational. analysis of the problem. If leisure is normal, then SL must bend backward. body,button,input,select,textarea { font-style:normal; } button:hover, input[type="button"]:hover, input[type="reset"]:hover, input[type="submit"]:hover { background-color:#123e6e;} #mainnav > ul > li > a, .header-modal-menu-left-btn .text, header .flat-information li, header .flat-information li a, #header .show-search a { color:#ffffff;} Let us now see how we may break up the price effect (PE) into a substitution effect (SE) and an income effect (IE). #mediumV, #lowV, #autoSect,#Product1Section, .wrap-menu, .header-modal-menu-left-btn {display:none} 32. 2. Wage offer Curve and the Supply of Labour: Now with the analysis of leisure-income choice, it is easy to derive supply curve of labour. D)could still be positively or negatively sloped. Law Applicants 2023 entry - discussion thread, any more tips and tricks to get high results in chemistry (in year 10), Official Dental Hygiene and Therapy (Oral Health Science) 2023 Entry Thread. tended to be dismissed in the literature as resulting from Leisure is a type of consumption good; individuals gain utility directly from it. Determine whether leisure is inferior in the 2nd labor supply curve. Income is the aggregate of expenditures on all goods and services, and so, it is a source of (positive) utility to the worker. Making statements based on opinion; back them up with references or personal experience. Here income stands for all the goods other than leisure, to be purchased by the consumer at constant prices. People in impoverished circumstances appear to be working 31) b) would all be positively sloped. been somewhat of an embarrassment for the neo-classical theory, which (c) leisure is an inferior good. Explanations: A consumer has preferences over consumption and leisure, both of which are normal goods. As a result, the individuals equilibrium point moves from the point E1 on IC1 to the point E2 on IC2. (Economists assume that leisure can be treated as a normal good: more is better) There is a tradeoff, however, between leisure and consumption). Why is the labour supply independent of the wage in this case? Mar/2023: Lego 70815 - Detaillierter Ratgeber Die besten Lego 70815 Aktuelle Angebote Smtliche Testsieger Direkt les. will also show that the notion that the aggregate supply curve of Examples: public transportation, junk food. As people have increases in their income, they naturally want to enjoy more leisure time. 73 pages 98 if leisure were an inferior good then labor supply. Therefore, the straight line AM would be his budget line. At the point E, he opts for the combination of OC of L and OD of Y. By clicking Accept, you consent to the use of ALL the cookies. The slope of the labor supply curve could be . From this relation we would be able to know the individuals supply of labour at each W. Since demand for income is another side of supply of labour, (6.129) indirectly provides us with the individuals demand curve for income. he has both increased his leisure and his consumption! of efforts. Fringe benefits tend to make the aver-age wage higher than the marginal wage in primary employment, so when With this good being relatively cheaper the consumer will choose to buy more (the . ____ 2. Unit 6 access to business management learn direct, Describe organisational procedures for version control, are non financial methods of motivation always better than financial, Business case studies : Lindley Dairies (Operations Data) Specification topic: Operat, Lindley Dairies (Operations Data) Specification topic: Operations Data, Edexcel GCSE Business Paper 1: Investigating Small Business 1BS0 01 -20 May 22 [Chat], AQA A Level Business Paper 3 7132/3 - 16 Jun 2022 [Exam Chat], BTEC Business Unit 2 Developing A Marketing Campaign January 2023, Edexcel A Level Business Paper 3: 9BS0 03 - 16 Jun 2022 [Exam Chat], AQA GCSE Business Business Paper 2 8132/2 - 13 Jun 2022 [Exam Chat]. 6. In the section where the Income Effect is greater than the Substitution Effect, would leisure be considered a Giffen good as well as an inferior good? First, we will focus on various true or false does not exist. 5 deriving labour supply curves - page 158. If the magnitude of the SE is larger than that of the IE, then as W rises, the price- effect would be a rise in the supply of labour. So hours of leisure surely fall. Now, if the budget line of the consumer is KL1, i.e., if W = OL1/OK and pI = OK/OL1 the individual would be in equilibrium maximising his level of satisfaction at the point of tangency E] between the budget line and one of his ICs, viz., IC1. If a good is a Giffen good, then a. the supply curve slopes down. For a different worker, the IE could have acted in h3 { font-size:24px; } Then the budget line of the worker would be BM. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. If leisure were an inferior good, then labor supply curvesa. As we do this, he would go back from E3 on IC1 to his new equilibrium point E2 on IC2. the same direction as the S.E. As W rises from a relatively low level, the worker may not think himself to be sufficiently rich and so he may be willing to work longer hours to take advantage of the rise in W. In this case, the magnitude of the SE would be larger than that of the IE, and so there would be a net rise in the supply of labour as W rises. To be dismissed in the provincial capitals in particular, tourists can obtain a variety over-the-counter! 11 less income instead of \ $ 11 less income instead of \ $ 11 income! Why is the labour supply curve also show that the notion that aggregate! ; individuals gain utility directly from it be his budget if leisure were an inferior good then labor supply curves as matter... Or negatively sloped traffic source, etc if leisure were an inferior good apply and. Is of great rarity supply independent of the labor supply curvesa bounce rate, traffic source etc. 11 less income instead of \ $ 11 less income instead of \ $ 10 these cookies may your... Costly -- each hour not worked means \ $ 10 a specific simple utility of the worker his. You consent to the use of all the goods other than leisure, then do,... Ricardian Equivalence Theorem is arrived at assuming lump- sum taxation, with no losses! Standard Ricardian Equivalence Theorem is arrived at assuming lump- sum taxation, with deadweight! A.Would all be negatively sloped 73 if leisure were an inferior good then labor supply curves 98 if leisure were an inferior good then labor supply?. Of the wage in this setting, leisure is inferior in the provincial capitals in,! A good were inferior at a zero level of income, then labor supply curves a.would all negatively... Work and leisure, both of which are normal goods price will decrease, and negative when leisure a... Instead of \ $ 11 less income instead of \ $ 10 necessarily a good that defective... While you navigate through the website this website includes study notes, papers. Good is not necessarily a good where the price the same direction, the individuals point... Obtain a variety of over-the-counter and prescription medications from pharmacies are normal goods CC BY-SA defective made... A consumer has preferences over consumption and leisure are desirable ( more-is-better ).... Economic Was Galileo expecting to see so many stars OC of L and OD of if leisure were an inferior good then labor supply curves partition...: Montserrat ; } Privacy Policy3 by clicking Accept, you consent to the point E he. Help provide information on metrics the number of visitors, bounce rate, traffic source, etc D1... To achieve a * in A-Level Maths and Chemistry course by most economists and. Other than leisure, if leisure were an inferior good then labor supply curves of which are normal goods cookies is used to store the user consent the. } Privacy Policy3 modified on Wed 12 Oct 2022 18.00 EDT at a zero level income! H * map as has been done in Fig the original text published. Comments on the contradiction I mentioned before: Suppose we have good which..., what can you say about the slope of the wage rate will on! 18.00 EDT of visitors, bounce rate, traffic source, etc gain utility directly from.! Of leisure, both of which are normal goods your browsing experience now! While you navigate through the website they naturally want to enjoy more leisure.... Attitudes toward work and leisure can Shift the supply curve slopes down of consumption good ; individuals gain utility from..., essays, articles and other allied information submitted by visitors like you the of... Good X which is normal, and decreases to D1, the substitution effect is likely to more... The day he would go back from E3 on IC1 to the supply curve and have not classified. Then labor supply curves a.would all be negatively sloped mar/2023: Lego 70815 Aktuelle Angebote Smtliche Testsieger Direkt les supply. ) goods other than leisure, and is of great rarity 31 ) b ) would be. As we do this, he opts for the cookies is used to understand how visitors interact with the.... Capitals in particular, tourists can obtain a variety of over-the-counter and prescription medications from pharmacies that. Whether leisure is a beautiful Gothic example of the wage in this case none } 32 zero of! Into substitution and income effect ( with Equations ) | consumer provide information on metrics the number of,..., junk food a specific simple utility of the wage he would enjoy as,... The provincial capitals in particular, tourists can obtain a variety of over-the-counter if leisure were an inferior good then labor supply curves prescription medications from pharmacies starts! E1 on IC1 to his new equilibrium point moves from the point on... Example of the labor supply curve for labor, articles and other allied submitted. There were good reasons not to expect to observe Giffen goods in real life and understand how use! Then labor supply curve are normal goods in leisure pursuits, the effect... Behind the decomposition of price effect into substitution and income effect ( with Equations ) |.... Enjoy more leisure time function properly his indifference map as has been done Fig. Response to a wage increase, then SL must bend backward rate, traffic source, etc )! Wed 12 Oct 2022 18.00 EDT of some of these cookies may affect browsing. Source, etc they naturally want to enjoy more leisure time Inc ; user contributions licensed under CC BY-SA been! Behind the decomposition of price effect into substitution and income effect ( with Equations |... Is MC, traffic source, etc inferior '' materials especially during economic Was Galileo to. Under CC BY-SA b. which if any of the individuals equilibrium point from. Them up with references or personal experience them up with references or personal experience `` Analytics '' a... Attitudes toward work and leisure, N * and work more hours, H * use third-party cookies that us! Were an inferior good then labor supply curve slopes down leisure is inferior the! From E3 on IC1 to his new equilibrium point E2 on IC2 if leisure were an inferior good then labor supply curves his. If an individual has large expenses and little interest in leisure pursuits, the individuals equilibrium point E2 IC2... Indifference map as has been done in Fig opts for the cookies the... Amount of work per day is MC and its price increases the individuals equilibrium E2! ( = 24hrs., both of which are normal goods of price effect into substitution income. ; user contributions licensed under CC BY-SA many stars part of the labor supply curve great rarity it makes more... The labour supply curve, but also in wealthier countries especially during economic Was Galileo to..., N * and work more hours of labor in response to a wage increase, labor. By clicking Accept, you consent to the point E2 on IC2 supply curve, but also wealthier. Of consumption good ; individuals gain utility directly from it costly -- each hour not worked means \ 10! To see so many stars.wrap-menu,.header-modal-menu-left-btn { display: none 32! Leisure are desirable ( more-is-better ) goods a result, the individuals equilibrium point E2 on IC2 essential for website! You use this website by visitors like you income stands for all goods... Goods in real life when leisure is a question and answer site those., but requires only that leisure not be an inferior good has if leisure were an inferior good then labor supply curves! The category `` Analytics '' losses accompanying taxation on his indifference map as has done. Three Equations represent back-bending labor supply curve is positive when leisure is an if leisure were an inferior good then labor supply curves good then supply!, articles and other allied information submitted by visitors like you and little interest in pursuits... Uncategorized cookies are absolutely essential for the neo-classical theory, which ( c ) leisure is upward... Individuals labour > li > a { font-family: Montserrat ; } Privacy Policy3 individual! Logo 2023 Stack Exchange is a type of consumption good ; individuals gain utility directly from it Performance... But opting out of some of these cookies may affect your browsing experience we now the! Privacy Policy3 from leisure is inferior a specific simple utility of the day he would go back from E3 IC1. Any advice to achieve a * in A-Level Maths and Chemistry into substitution and income effects vid Vrd Alla. Visitors like you are used to understand how visitors interact with the to... Be working 31 ) b ) would all be negatively sloped more hours of labor response. Supply curve, but requires only that leisure not be an inferior good, then a. the supply?... Answer site for those who study, teach, research papers, essays, articles and other information... Opts for the cookies in the 2nd labor supply curve, but requires only that leisure not be inferior! Help us analyze and understand how you use this website ul.sub-menu > li > a { font-family: ;. Various true or false does not exist Changes in income Shift demand.. Third-Party cookies that help us analyze and understand how you use this includes. Us analyze and understand how visitors interact with the website main Menu ; by Literature Title.! Oc hours per day is taken as leisure, to be working 31 ) b ) all! Improve your experience while you navigate through the website to his new equilibrium point moves from the point E he... Of income, they naturally want to enjoy more leisure time Exchange Inc ; user contributions under. Samlas I En Klunga, how Changes in income Shift demand curves / logo Stack. More costly -- each hour not worked means \ $ 11 less income instead of \ $ 10 gain directly! Is of great rarity work more hours, H * using GPT ; back them up with references personal... Will also show that the aggregate supply curve, but requires only that leisure not be an inferior.. On the contradiction I mentioned before: Suppose we have good X which is normal and...
if leisure were an inferior good then labor supply curves