Answer the questions based on the CASE STUDY.

Source : https://businesscasestudies.co.uk/making-the-labour-market-work-better/

Answer the questions based on the above source :

1. discuss the model of labour-leisure choice and sketch
2. indifference curves & describe the properties.
3. differentiate between the indifference curves of workaholics & leisure lovers.
4. sketch the budget line of labors with & without non labour income and explain income effect & substitution effect.
5. relate income & substitution effects to individual labour's backward-bending labour supply curve.
6. explain the concept of derived demand.
7. differentiate between perfectly competitive firms & monopolists.
8. describe how perfectly competitive firms & monopolists make their short-run employment decision.
9. combine Isoquant & Isocost to illustrate howa firm achieves cost minimization.
10. distinguish between firms' short-run &long-run profit maximization conditions.

• The answers should be related to the CASE STUDY/SOURCE given.
• Justify the answers
• provide diagram and sketch