|relevant research · login|
Money, Money, Money - ABBA
Work all night, I work all day, to pay the bills I have to pay
Economists often use supply and demand curves to illustrate markets. Changes in income, preferences, and the price of a substitute or complement shift demand curves to the left and right. In the lyrics above, lead singer Anni-Frid Lyngstad is tired of the hard work life requires and plans to marry a wealthy man. If successful, how would this marriage change the artist’s demand for goods? How would it change her supply of labor? Illustrate both changes with supply and demand curves. Be sure to explain what is happening in the diagrams.
[Will Luther assisted with this assignment.]