Neoclassical models of labor supply and labor demand

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Q. 1. Predict what would happen to the labor force participation rate of women if wages for women decreased. Explain.
2. Predict what would happen to the labor force participation rate of workers in their 50s if Medicare benefits (large health care subsidies for the elderly) were lowered to age 55. Explain.
3. In some urban neighborhoods, crime is a potential source of non-labor income for many individuals. Explain how this might affect labor force participation rates in these neighborhoods.
4. Consider yourself. Is your individual labor supply curve upward sloping, downward sloping, or backward-bending? Explain.
5. Compare and contrast the substitution effect and the income effect in the work hour's decisions of individuals.
6. What happens to the work hours of an individual if her wages increase and the income effect dominates? Explain.
7. What are the strength of the neoclassical models of labor supply and labor demand? What are the weakness of the neoclassical models of labor supply and labor demand?

Reference no: EM136632

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