Description
Assignment One
Labour Economics
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
Explanation & Answer
Please find attached. Thank you.
Running head: LABOR ECONOMICS QUESTION AND ANSWER
Labor Economics Question and Answer
Student’s Name
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Institution
Instructor’s Name
Date
1
LABOR ECONOMICS QUESTION AND ANSWER
2
Labor Economics Question and Answer
Define and explain Frictional, Structural and Cyclical unemployment
Frictional unemployment
Frictional unemployment is a process in which workers leave their current jobs and try to
find better ones in a job market. This process often incurs some wastage of time, energy as well as
other accompanied expenses that are incurred in the process of trying to secure a new job. This is
what is referred to as friction. Frictional employment is as a result of wishing to get a better job,
retrenchment, job dissatisfaction among many other internal and external factors that make
someone to leave his or her current career (Cahuc, Carcillo, & Zylberberg, 2014). Frictional
unemployment does not have much impact on the economy compared to other forms of
unemployment.
Structu...
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