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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
A. The correct duopolistic firm equilibrium o/p and price B. Equilibrium profit
Why does economic development engage structural change? The process of development needs structural change. Usually economies develop by moving resources through agricultural
don''t tell, demonstrate statements
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The reserve requirement is 20%. Assuming banks have no desire to hold excess reserves, calculate the money multiplier. Now assume the banks want to hold 20% of their reserves in ad
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Explain the state intervention approaches for promoting development. State intervention can result within: • Large bureaucracies staffed through friends and relatives of the
A Korean BBQ restaurant has four workers for washing jobs: Dane, June, Park, and Pola. Each workers eight hours a day and can produce two washing services: Washing rice bowls and w
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