In what particular ways does Becker’s model of allocation of time differ from the simple work-leisure choice model?
Compare and contrast the functioning of income and substitution effects of two models.
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 proper diagram and equations, illustrate out carefully the functioning of monopoly union model.
Comment on the direct and indirect test of Efficient Contract model
Assume the government decides to implement a minimum wage to assists low-income workers. How will the minimum wage affect the demand for labour and what does this imply regarding the success of the government's initiative?
Illustrate out the effects of a minimum wage on monopolized markets.