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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 are the problems of Environment in Economic Growth? Environment Problem: Economic growth can damage the environment by: • Negative externalities as an example waste thr
Consider a Cournot duopoly. The market demand is p=190-q1-q2. Firm 1's marginal cost is 40, and firm 2's marginal cost is also 40. There are no fixed costs. A. Derive every fir
What is Baumol''s Sales Revenue
A manufacturing company has determined from an analysis of its accounting and production data for a certain part that : a. Its demand is 9000 units per annum and is uniform
How is effort monitored onto a project? It is significant that the effort to be spent onto activities is reassessed on a regular basis – why is it so very important? Effort is
Types of Transaction on the Capital Account are stated below: It is useful to recall the basic types of transactions recorded on the capital account: foreign portfolio investme
what are the steps in location decision.
The average amount of debt families have is 2.5 times their annual income with a standard deviation 0.75 times their annual income. How much debt does a family have to have (relati
QUESTION (a) Explain the law of demand and the factors affecting demand. (b) Explain and illustrate how demand of a commodity will change if there is a tax on that product.
Advanced Technology, Inc., (ATI) is evaluating a contract proposal calling for it to build and test bearings using a newly patented surface configuration. ATI would receive $1.4 mi
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