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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
What is import substitution? Import substitution: It is a government industrialisation policy for development by replacing imports along with domestic production. St
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a. Describe the industry within which your business will be located and describe at least three recent trends in that industry. Note: This information and item b. following may b
Calculate the expected yields for a (1,4,2,1) path
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