Assignment One

Labour Economics (Economics 3341)

Winter 2018

Issued: January 24th, 2018

Due: February 7th, 2018 on BrightSpace

Answer each of the following questions in full sentences. Use a graph if it helps with your explanation.

Define and explain Frictional, Structural and Cyclical unemployment.

Explain the difference between a Normative and a Positive statement. Why is this important?

Explain the basic Consumption – Leisure choice model.

Explain the importance of the slope and the curvature of the isoquant on a graph measuring pairs of capital and labour.

Show and explain the difference in the wage – dirt curve when there are identical workers and identical firms.

Good Luck