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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
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
what factors deter the sale of a product
solution
IMPLEMENTATION ISSUES: Infrastructure sector, especially economic infrastructure, projects are facing a variety of problems, which are to be addressed in order to realise the
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What effect would a rule stating that university students must live in university dormitories have on the price elasticity of demand for dormitory space? What impact might this in
QUESTION (a) In several countries recently, many people have become unemployed. Analyse the different types of unemployment in an economy. (b) Define inflation and explain i
Critically evaluate measures used by governments and central banks to manage the economies of their countries. By critical evaluation use convincing arguments for or against measur
In 2007, Segolene Royal, in an unsuccessful bid for president of France, says that employees who lost their jobs would obtain unemployment payments equivalent to 90% of the previou
The following represents the potential outcomes of your first salary negotiation after graduation: Assuming this is a sequential move game with the employer moving first, indicate
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