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Slutsky Equation - Labour Economics - Past Exam

Exams, Economics

Post: December 6th, 2012
Description
Slutsky Equation, Two Good Model, Dramatic Decline, Budget Share, Wealth and Wages, Economic Downturn, Payroll Taxes, Constant Returns, Scale Technology, International Capital Markets are some points from questions of this exam paper.
Slutsky Equation, Two Good Model, Dramatic Decline, Budget Share, Wealth and Wages, Economic Downturn, Payroll Taxes, Constant Returns, Scale Technology, International Capital Markets are some points from questions of this exam paper.
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University of California Field Exam Labor Economics Department of Economics August 2010 There are three parts in the exam. Each part will be weighted equally and should take approximately one hour. Make sure you allocate your time carefully, answering all parts as fully as possible given the time constraint. Use equations and graphs whenever possible to clarify your reasoning. WRITE YOUR ANSWERS FOR EACH QUESTION IN A SEPARATE BOOK PART I Answer both questions in this part. Each question should take about 30 minutes. Question 1: LABOR SUPPLY a) Derive the Slutsky equation for hours of work in a standard two-good model with leisure and consumption. Be sure to define your notation, and carefully state any assumptions that you have used in your derivation. b) The recent financial crisis led to a dramatic decline in the net worth of many American households. Suppose that for a representative household the elasticity of hours worked per year with respect to income is −0.1 and that the ..

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