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1、CHAPTERSIXTEENLaborMarketsInthischapterweexaminesomeaspectsofinputpricingthatarerelatedparticularlytothelabormarket.Becausewehavealreadydiscussedquestionsaboutthedemandforlabor(oranyotherinput)insomedetailinChapter11,herewewillbeconcernedpri-marilywithanalyzingthesupplyoflabor.Westartbylo
2、okingatasimplemodelofutilitymaximizationthatexplainsindividuals’supplyofworkhourstothelabormarket.Subse-quentsectionsthentakeupvariousgeneralizationsofthismodel.AllocationOfTimeInPart2westudiedthewayinwhichanindividualchoosestoallocatea?xedamountofincomeamongavarietyofavailablegoods.Indiv
3、idualsmustmakesimilarchoicesindecidinghowtheywillspendtheirtime.Thenumberofhoursinaday(orinayear)isabsolutely?xed,andtimemustbeusedasit‘‘passesby.’’Giventhis?xedamountoftime,anyindividualmustdecidehowmanyhourstowork;howmanyhourstospendconsum-ingawidevarietyofgoods,rangingfromcarsandtelevi
4、sionsetstooperas;howmanyhourstodevotetoself-maintenance;andhowmanyhourstosleep.Byexamininghowindividualschoosetodividetheirtimeamongtheseactivities,economistsareabletounderstandthelaborsupplydecision.Simpletwo-goodmodelForsimplicitywestartbyassumingthereareonlytwousestowhichanindividualma
5、ydevotehisorhertime—eitherengaginginmarketworkatarealwagerateofwperhourornotworking.Weshallrefertononworktimeas‘‘leisure,’’butthiswordisnotmeanttocarryanyconnotationofidleness.Timenotspentinmarketworkcanbedevotedtoworkinthehome,toself-improvement,ortoconsumption(ittakestimetouseatelevi-1s
6、ionsetorabowlingball).Allofthoseactivitiescontributetoanindividual’swell-being,andtimewillbeallocatedtotheminwhatmightbeassumedtobeautility-maximizingway.Morespeci?cally,assumethatanindividual’sutilityduringatypicaldaydependsonconsumptionduringthatperiod(c)andonhoursofleisureenjoyed(h):ut
7、ility?Uec,hT:(16:1)Noticethatinwritingthisutilityfunctionwehaveusedtwo‘‘composite’’goods,con-sumptionandleisure.Ofcourse,utilityisactuallyderivedbydevotingrealincomeand1Perhapsthe?rstformaltheoreticaltreatmentoftheallocationoftimewasgivenbyG.S.Beckerin‘‘ATheoryofthe
