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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
Do you agree with the traditional theory that assumes profit maximization as sole objective of a business firm?
There are two agents, A and B. Both have preferences represented by a von Neumann-Morgenstern utility function u(c s j ) = ln (c s j ), where c s j is consumption of agent j in
What are the Economies at Different Stages of Development? Economies at Different Stages of Development: • LDCs (Less Developed Countries) share common features but all one
How do institutions influence development? Institutions development influence: Institutions matter since they give opportunities for people and firms to participate into
How can external trade promote economic development and growth? International trade permits increased specialisation than higher output permits economies of scale. • A big m
What is Baumol''s Sales Revenue
Is foreign debt a problem? Foreign debt is the whole amount owed overseas through a country at an exact moment in time. Debt is a problem since • High debt imply high inter
What factors affect Population Change? Population growth is affected by given factors: • Births from the 1960s birth rates have declined quickly inmost LDCs except which in
I am asking for a refund on this item #. I submitted the answers I thought were all right on this quiz and my score came back 18 right out of 30. Not happy that I am spending money
explain the market structure of computer engineering sector
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