Problem
Goods vary in the amount of time required for consumption. More time is foregone in the consumption of television football games or reading books than for a new suit of clothes, for example. Explain why, as one's wage rate increases, ceteris paribus, one will consume relatively less time-intensive consumption items. Does this have any implications for the measurement of inequality in the distribution of income? Explain.
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.