Problem
1. A million-dollar lottery winner decides to quit working. How can you explain this behavior using economics?
2. Illustrate each of the following changes by using a separate labor supply-and-demand diagram. Diagram the new equilibrium point, and note how the wage and quantity of workers employed changes.
a. There is a sudden migration out of an area.
b. Laborers are willing to work more hours.
c. Fewer workers are willing to work the night shift.
d. The demand for California wines suddenly increases.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.