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Economics Six Questions Assignment




Question;Question 1Explain the cause of wage differntials using the reservation wage theory, be brief (2 pts).Question 2What is the main idea of the lifetime-earning model? What is the business cycle model of labor supply? Compare and contrast (6 pts).Question 3Using the indifference curve and budget line that represent consumption-leisure trade-off to explain that an unemployment benefit provided by the government might discourage a worker from working. Your answer should include a graph and a brief explanation (7 pts).Question 4Explain why labor demand curve of a firm in the short-run is downward sloping. Your answer should include graphs and a brief explanation (5 pts).1Question 5Explain how the equilibrium wages in two labor markets (that have different wages) converge to a single wage in both market. Your answer should include graphs and a brief explanation (6 pts).Question 6Use a graph to illustrate that at the equilibrium, a monopsony firm without discrimination will hire less worker and a lower wage than a perfectly competitive firm (4pts).


Paper#56458 | Written in 18-Jul-2015

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