Problem
John is a college student who has decided that at current wage levels, it is not worthwhile getting a part-time job. Now suppose the wage increases. Explain how the substitution effect of the wage increase affects John's decision. Is there an income effect on John of the wage increase?
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.