02 Jun QuestionQuestion 1 Explain the cause of wage differntials using the reserv
QuestionQuestion 1
Explain the cause of wage differntials using the reserv
Question 1
Explain the cause of wage differntials using the reservation wage theory, be brief (2 pts).
Question 2
What is the main idea of the lifetime-earning model? What is the business cycle model of labor supply? Compare and contrast (6 pts).
Question 3
Using 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 4
Explain 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 5
Explain 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 6
Use 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).
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