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Problem 1:
(a) In what specific ways does Becker's model of the allocation of time differ from the simple work-leisure choice model?
(b) Compare and contrast the functioning of the income and substitution effects of the two models.
Problem 2:
(a) The monopoly union model assumes that union sets wage rate while the firm sets the level of union employment, based on this wage rate. Using appropriate equations and diagram, explain carefully the functioning of the monopoly union model.
(b) Comment on the direct and indirect test of the Efficient Contract model
Graph the Demand and Supply Curve Given below are the demand schedule and supply schedule for china plates. Graph the demand and supply curve on one graph and determine equili
Question (a) The XYZ Election Commission maintains data showing the voting age population, the number of registered voters, and the turnout for federal elections. The following
International oil has been described as the lifeblood of industrial society. A National Security Council paper in 1953 noted that American Based multinational oil companies were in
Quantitative demand for watermelons = 50-3P(wm) - 20P(hd) + 10 P(sc) + 0.001(income) P(wm) = $4.00 P(hd) = $3.00 P(sc) = $2.00 Income = $40,000 Quantity supply of watermelons = 2
QUESTION (a) Explain the real business cycle theory. (b) Using appropriate diagrams differentiate between inflationary and deflationary gaps. (c) Differentiate between th
how the concept of elasticity used for decision making
Illustrate the implications of agricultural price instability problem for Less Developed Countries? Implications of agricultural price instability problem for LDCs: a. Agric
Problem 1: (a) The Mauritian government is now increasingly involving the private sector in the development of the economy. How can government support effective private sector
Suppose a $1,000 face value bond has a coupon rate of 8.5 percent, pays interest semi-yearly, and has an eight-year life. If investors are willing to take a 10.25 percent rate of r
The Basic assumption which underlay the government of international economy has been that the economies of the world would converge around a capitalist model. The details of such a
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