Please draw and explain the life cycle path of hours worked for a person who, at age 40, suddenly wins 5,000,000 RMB in the lottery. What would be that life cycle path of hours worked if he always knew that he would win the lottery?

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
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Please draw and explain the life cycle path of hours worked for a person who, at age 40, suddenly wins 5,000,000 RMB in the lottery. What would be that life cycle path of hours worked if he always knew that he would win the lottery?

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