Please draw and explain the life cycle path of hours worked for a person who, at age 40, suddenly wins 5,000,000 RMB in the lottery. What would be that life cycle path of hours worked if he always knew that he would win the lottery?

Please draw and explain the life cycle path of hours worked for a person who, at age 40, suddenly wins 5,000,000 RMB in the lottery. What would be that life cycle path of hours worked if he always knew that he would win the lottery?

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter7: Consumer Choice And Elasticity

Section: Chapter Questions

Problem 6CQ

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Please draw and explain the life cycle path of hours worked for a person who, at age 40, suddenly wins 73 million dollar in the lottery. What would be that life cycle path of hours worked if he always knew that he would win the lottery?
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