Traveling and leisure

The structure
Introduction of leisure-labor time.
Leisure time at NES. Activities. Influence on students.
Leisure and efficiency. Leisure and well-being.
The role of traveling in our life.

By the end of this section you will be able to:
Interpret labor-leisure budget constraint graphs;
Predict consumer choices based on wages;
Explain the connection between leisure time and social well-being.

The Labor-Leisure Budget Constraint
A higher wage will mean a new budget constraint that tilts up more steeply.

Applications of Utility Maximizing with the Labor-Leisure Budget Constraint