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  2. Use the standard labour supply model to investigate how changes in the WTC that came into effect the 1st April 2016, i.e. (1) a cut in the income threshold from £6,420 to £3,850 a year and (2) an increase in the withdrawal rate from 41% to 48%, would affect the number of hours Pete would choose to work 2 under the new contract compared with his labour supply before the policy change

Use the standard labour supply model to investigate how changes in the WTC that came into effect the 1st April 2016, i.e. (1) a cut in the income threshold from £6,420 to £3,850 a year and (2) an increase in the withdrawal rate from 41% to 48%, would affect the number of hours Pete would choose to work 2 under the new contract compared with his labour supply before the policy change

Posted by:Shadrack Posted on:Jul 4,2022
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Its February 2016 and Pete is a single 27 years’ old living and working in England. Pete works a given number of hours per week earning £5.3 per
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