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Problem 1:
(a) Suppose the government decides to implement a minimum wage to help low-income workers. How will the minimum wage affect the demand for labor and what does this imply about the success of the government's initiative?
(b) Explain the effects of a minimum wage on monopsonised markets.
Problem 2:
Briefly write on the following (each carries equal marks):
(a) General and Specific Training
(b) Determinants of Migration
(c) Causes of Fringe Benefit Growth
what is production nfunction
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