Redistribution of income or wealth will be a dis-incentive to people working hard. This brings back memory of why the old communist blocks failed and free market continue to thrive till today. This is only possible in command economy where government have exclusive authority over the factor of production. I definitely agree with Amanda on that "People who earn lots of money often work harder or have innovative ideas etc ."

When income is redistributed, tendency abound for bandwagon effect to become the order of the day, since the generality of people will take that whether they work or not, everyone gets the same reward. At some point, those hard working and diligent among the society will have no motivation to up their game, while innovation and productivity will suffer including the economy at large.

In 175 words do you agree or not?

Discuss a scenario in which a contract dispute could impact the employer/employee relationship. Give details of the scenario, the contract, the parties involved, and how the relationship is impacted. identify the following: * 2 obligations that the employer would have * 2 obligations that the employee would have * 1 defense that the employer would have * 1 defense that the employee would have.

Discuss the idea of limiting the government’s interference in safety of consumer products?

the state of the Canadian economy in terms of unemployment, inflation, wages and interest rates. Using the material that we have covered in class thus far, particularly material related to labour markets, discuss what you believe to be occurring in the Canadian economy. Answer the Following

1. Why are the inflation rate and unemployment rate moving in the directions that they are?
2. How do inflation and unemployment relate to the interest rate?
3. What is the relationship between wage growth and inflation?

1. Being unemployed means different things to different people. Illustrate this by making up examples of three different unemployed people.

1. Graphically derive the demand curve for good X from the price – consumption curve using the budget line and indifference curve map.

Again, Using the graphical method shows the income effect and the substitution effects for a price decrease for good X and the price of good Y remaining constant.

Pietra Rivoli’s “The Travels of a T-Shirt in the Global Economy” 2nd Edition)

Question : Detail summary of this book. What is the main idea? How do you review this book?

Do you think Romanticism in the arts is cause or a reflection of the late 18th and early 19th century revolutions?

a) for this game, use iterated elimination of strictly dominated strategies. explain each step of your work.

b) what strategy profiles survive IESDS? what are the Nash equilibrium of this game?

Decomposition of the effect of a wage decrease on labour supply

Bob’s preferences over consumption (c) and leisure (r) are represented by the following utility function:

u(c, r) = c^(0.6)r^(0.4).

Suppose that Bob is endowed with $100 and 50 hours (per week) to allocate between leisure and

work. Denote the price of the consumption good by p and the wage by w.

1. Express mathematically all the constraints faced by Bob.

2. Draw Bob’s feasible set.

3. Derive Bob’s (gross Marshallian) demands for the consumption good and leisure as functions of p, w, and the (dollar) value of Bob’s endowment (mω).

Suppose that p = 1 and w = 2.

4. How much of the consumption good does Bob buy, how many hours does he allocate to

   leisure, and how many hours is he working?

5. Indicate the chosen bundle on your graph from part (b) and label it O.

Bob is worried that he might get fired, in which case he would only be able to find a job that pays a wage w′ =1.

f. In such a scenario, how many hours will Bob work?
It turns out that Bob is not fired but demoted. As a result, his wage drops to w = 1.6.

7. After the demotion, how much of the consumption good does Bob buy, how many hours does he allocate to leisure, and how many hours is he working?

8. Indicate the new feasible set and the chosen bundle (F) on your graph from part (b).

9. Decompose the effect of the wage drop into a price effect and an endowment effect.

10. Show the decomposition on your graph from part (b).

11. Derive the indirect utility function.

12. Using duality, derive the expenditure function.

13. Using Shephard’s lemma, derive the Hicksian demands for the consumption good and leisure.

14. Decompose the price effect from part (i) into and an income effect and a substitution effect.

15. Draw a separate graph showing this decomposition.

Suppose that a Örm has the following production function Q = min(2K; 3L): Draw the isoquants for output levels Q1 = 6 and Q1 = 12: Now assume the Örm is currently using 6 units of capital and 5 units of labor. What are the marginal products of K and L in this case?

Please give step by step solution.

With the aid of a diagram, explain why according to economic theory, in the short run rational firms should only be operating at Stage two of production

What is an Environmental Kuznets Curve? Assuming that it holds for a specific pollutant in a given country, what are the implications for the evolution of the I, P, A, and T factors in the IPAT identity?

1.

Define and explain Frictional, Structural and Cyclical unemployment. What is NAIRU?

2.

Show the effect of a minimum wage on a labour market where the equilibrium wage is

below the legislated minimum wage. Use the labour demand and supply model but don’t

consider any effects outside of the basic model.

3.

Explain the basic Consumption – Leisure choice model. Show what happens to the model if

there is an increase in the wage rate. Include the income and substitution effects.

4.

Show how to determine the cost minimizing mix of capital and labour using a graph. How

would the graph change if the cost of labour rose relative to the cost of capital?

During recession, the yield for corporate bonds tends to increase and the yield for US Treasury securities tends to decrease .Briefly explain why. Give a real-world example as part of your reasoning.