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Advance microeconomics Final paper in 2017

Q. 1

(a) Explain in detail the impact of overtime pay on labour supply model.

 (b) Why labour supply curve is backward bending?

Q.2 Explain in detail cooperative, competitive and cournot conjectural variations.

1.  How can we determine the equilibrium rate of interest in the capital market? Explain in detail.
2.  Suppose that Government restrict the quantity of a product that can be produced and marketed by a farmer. How would it affect the decision of a farmer to produce that product in product-product model?

(b) Illustrate intermediate product model by making figures. Why is it not quite a multiple-input multiple-product model?

5 Write short note on following:

• Perfect wage Discrimination
• Product Differentiation
• Tacit Collusion
• Discounted Present Value
• Deadweight loss

Good Luck