Daniel had been earning $69 per hour and working 45 hours per week. then daniel's wage changes to $83 per hour, and as a result, he now works 40 hours per week. what can we conclude from this information about the income effect and the substitution effect of a wage change for daniel? the substitution effect causes daniel to devote less more the same amount of time to working

In times of crisis or economic boom, changes such as the substitution effect and income effect may occur; in this case, Daniel suffers a variation in his work in the increase in the value of the hours worked and the decrease in hours worked per week; this can generate, or positive changes such as spending more time with his family and the appreciation of its workforce, as adverse effects, in which it stands out to be forced to respond to higher expenses due to the increase in the cost of living.

the answer is "b.the increased supply will create a surplus. "

the essential thought behind price controls is straightforward - utilize the power of law to modify the equilibrium of a market. for instance, the legislature may choose that the steel business needs to survive, and in this way pass a law to set a value floor on steel. this implies all steel sold must offer at or over the floor value, which must be set over the equilibrium cost for it to have any impact. the switch could likewise happen - the administration can choose that steel is excessively costly and set a value roof underneath its equilibrium value, with the goal that all steel must be sold at or beneath that ceiling.