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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
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What would primary markets look like in absence of secondary markets?
This problem illustrates a consumer's decision to be homeless in the presence of a minimum housing-consumption constraint, imposed through misguided government regulation. Let c
Draw a Supply or Demand Diagram A) Suppose that several months of data showed the CPI increasing at a 4.5% annual rate due largely to increases in the price of energy and food
What are the Economies at Different Stages of Development? Economies at Different Stages of Development: • LDCs (Less Developed Countries) share common features but all one
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How can less developed countries economies produced by developing its primary sector as agriculture? Less developed countries economies cannot grow by developing its primary se
I have exam in economics
The economy of Cotai contains 2000 $1 bills. (a) If people hold all money as currency, what is the quantity of money? (b) If people hold all money as demand deposits and bank
What are development policies? Development policies are strategies adopted through governments, international agencies as like the IMF and non-government organisation (NGOs) a
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