Answer these following questions

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Assignment One

Labour Economics

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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.

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