Supply of labour and increasing retirement age
The age at which women could obtain the age pension will gradually raise from 60 - 65. Over the last 5 years the participation rate of women between 60-64 increased and at the same time the age at which women could get the age pension was also raised from 61 to 62. By describing (in words and a diagram) and then adopting the main features of the neoclassical supply of labour, explain how these two factors may be related.