Labor Economics lecture 2 -- Worker utility and labor supply

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[ COMPLETE VIDEO LIBRARY: http://www.halsnarr.com/snarrinstitut... ] Utility: more consumption and leisure is better (0:00), Law of Diminishing Marginal Utility (1:41), solving for C yields the indifference curve (5:08), graphing indifference curve U = 10 (6:40), graphing indifference curve U = 20 (), budget line constructed (), graphing the budget line (), shifting the budget line after non-earned income (), rotating the budget line after wages rise (), utility maximization (), utility maximization after an increase in non-earned income (), utility maximization with increase in wage and substitution effect dominant (), utility maximization with increase in wage and income effect dominant (), income effect dominates (), substitution effect dominates (), reservation wage (), backward bending labor supply and labor supply elasticity (), application: the benefit reduction rate (), application: Earned Income Tax Credit ()

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