Identify two reasons why an individual's labor supply curve is typically upward-sloping, at least to a...
Identify two reasons why an individual's labor supply curve is typically upward-sloping, at least to a point. Why might an individual's labor supply curve bend backwards?
Homework Answers
An individual's labor supply curve is typically Upward sloping to a point because higher wages induces individual to work more. So, as wages increase the number of hours worked by the individual also increases. But this happens only upto a certain point. Beyond that point, individuals start to substitute leisure for labor. As wages increases after a point, individuals reduces the number of hours worked, ie, they want to enjoy more leisure than increased income.
Thus, the supply curve is Upward sloping upto a point, beyond which it slopes downward. Hence, the supply curve of labor is backward sloping.
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