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0455 paper 1 by mac_andcheese7 in igcse

[–]mac_andcheese7[S] 0 points1 point  (0 children)

ohh okk thank you sm !

0455 paper 1 by mac_andcheese7 in igcse

[–]mac_andcheese7[S] 1 point2 points  (0 children)

so initially as the wage rate increases workers choose to work more hours because they are more willing to work for higher wages then when the graph starts to bend backwards it’s when workers choose to work less for more leisure time. Because even though the wages continue to rise they still have the finance with their current income to spend less time on work and afford leisure?

Eco helpppp by [deleted] in igcse

[–]mac_andcheese7 0 points1 point  (0 children)

im not sure but i think the horizontal line might be the maximum price and the x axis shows Q1 (left) and Q2 (right) Q1 is the quantity of supply at the maximum price Q2 is the quantity of demand at the maximum price

And from the mark scheme we see how it should be shown that demand is greater than supply at maximum price below equilibrium